Monday, June 6, 2011

Crude Oil (CL) Put in an upper trendline? 6/6

The daily and hourly chart for crude oil hasn't changed much as it idles between the 101-98.5 range over the last couple sessions. Looking at the daily chart, the biggest support will most likely be found at the 98$ area where we have a couple lows that nearly got there and the 61.8% retracement of move up from the lows put in may 6th. On the hourly chart, it looks like we might have put in an upper bound trendline, now confirmed by three points (In yellow), and the last two points on this line were met with divergence in the MACD shown in yellow too. I think a break of this trend line and we head back to muddled middle ground, but otherwise I see this getting to the 96-98 level in the near future

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