CRUDE OIL confirmed a negative closing on Friday but above the opening. The indicators of the daily chart are now negative and also those of the s/t ones are turning below the line suggesting for the s/t further pressure. Only an hourly closing below 101,85 will however support a deeper correction suggesting a test below 100. The move up of the last week started forming bearish divergences in the daily chart supporting a possible change of the tone. Possible therefore further strength suggesting a 105 overshooting. Today the contract is however below the 200 hours line, now s/t resistance at 101,11 and while under this resistance we expect an extension of the correction suggesting a move below 100 We suggest waiting for lower levels to buy. We try however also a short position here at 100,97, putting a stop above 102,15.
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2012/01/CRUDE-OIL-01.09.pdf
FUTURE TREND RESEARCH