Wednesday, June 8, 2011
suggested a sell Monday, well as it turned out it pushed higher and formed even more divergence which we pointed out right before bernake opened his pie hole, which gave a great opportunity for a small fade into the position. You can see between Monday and Tuesday we formed divergence on the actual spot pair (divergence shown in purple), which realized a good sell off into our first support at previous lows Monday night (@1.455) and also the first retracement level shown in yellow. I'm taking off my fade at this level, and looking for us to break lower into the yellow retracement channel.
(Chart 1 - WTI Crude Daily Chart Zoom)
(Chart 2 - WTI Crude Daily Chart)
Opec can't reach an agreement and oil rallys right into resistance.
I call bullshit and look to sell this on a technical basis
see my previous post here