Crude Oil Update * March 8

Sort of similar picture of what gold has been doing.

Mayor containment area denoted by $91.90-$89.325.


Buyers response into the lower end of the (broader) balance area has develop into a second (smaller) balance area $91-$90.70.


Thus, some scenarios to work with:

a-) acceptance into balance area denoted above

b-) buyers maintain control into $92.20-$92. Into that event, I will be looking into $93-$92.40 as an area where I would expect some sort of selling reaction. I am currently working with the idea that a breach of $93.20 will likely bring into $94.80 as extended target – Before that $94.20, $94 & $93.60 are key price points.

c-) Sellers keep the pressure into lower areas of value $90.40 as a key price point. I am looking into $89.40-$89, followed by $88.40, $88 and $87.70, as extended targets.



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s