- Crude breaks with bearish structure
- Big What are "support levels" in trading? A support level is a... More level around $60
After our call last week of oil topping at around $64/B inside of a bearish structure bears took control and What are value stocks? A value company is a company that app... More fell 356 ticks (-5.58%) within a couple of days.
After breaking with an immediate bearish What is a continuation pattern? A continuation pattern is ... More (bold white) and a longer-term bearish structure (dotted white), we are now at a high-value zone where buyers are going to be found and short term sellers are going to be taking profit.
This area around the $61/Bis a previous zone of high What is the trading volume? In trading, volume refers to t... More and bears are going to have a difficult time breaking below.
Should What is price? The price is the measure of the value of good... More break below this zone I see as the next bearish target the 161.8% A retracement is a temporary price movement in the oppos... More of the flag (bold white) which confluences with the next value zone at around $57.90/B. This would mean a 585 tick dip (-9.17%) from the top of the flag. In any case we will be selling rallies below $60/B.
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