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Friday, June 10, 2011

Crude Oil - Ready for the next leg lower?

If my micro count is correct we should soon see the next leg lower in Crude oil. As long as support at 100.78 holdes we could one last rally towards 102.70, which poses a lower risk selling oppotunity as stops can be placed just one tick above the 103.32 top, while the possible reward is at least the low 95 area, but possibly much lower, if that important support is broken too.

The price action since the 95 low in early May is clearly corrective and it's only a question of time, when the next leg lower is seen.

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