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Thursday, September 15, 2011

Crude Oil back to old resistance!

The crude oil market has been in a sideways range for the past few days. Crude oil is back to a very solid resistance price zone. I spotted a nice situation developing. I marked on the chart bellow a nice rejection candle. It has a nice tail on it and there is divergence developed between the two highs. As we all know divergence is a sign of weakness so it may be a good idea to look for counter move on crude. Short momentum will be confirmed only if the low of that bar breaks. Like I always say, wait for the break of the bar for any directional bias confirmation. Happy Trading!

1 comment:

  1. Price has broken the low of the pin bar, should be fun!!

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