JT asked me for a 4 hour chart on crude oil, The above is an 8 hour chart (hope that's ok).
I'm still bullish on crude oil as long as support at 98.85 protects the downside. Ideally support between 100.65 - 101.20 will protect the downside for a break back above 102.35 confirming that the next impulsive rally higher is developing, Longer term I'm looking for a firm test of strong resistance at 110.71 and a close above here will call for a continuation higher towards 130.00. However, resistance at 110.71 has held firm about three years now and it will take allot to break it.
Thanks for the update EWS have great weekend talk soon
ReplyDeleteBest Regards jt