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Thursday, May 16, 2013 9:20:21 AM
Crude's Backtest to Trendline and Test to the 50-period MA
By Maurice N. Walker
* Wednesday, May 15, 2013
Crude Inventories:
Energy supply numbers showed crude down 600,000, giving crude a bounce off it's lows.
Crude Oil Futures (CL) are backtesting the broken trendline and testing the 50-period MA on the hourly chart. Recently the 50-period MA crossed below the 200-period, which usually results in doward price movement. If prices hop back above the 200-period, then a large sideways base could be under construction, or prices could be building momentum for a breakout of it's large contracting triangle.
http://thechartpatterntrader.com/
George.
Click on "In reply to", for Authors past commentaries.
By Maurice N. Walker
* Wednesday, May 15, 2013
Crude Inventories:
Energy supply numbers showed crude down 600,000, giving crude a bounce off it's lows.
Crude Oil Futures (CL) are backtesting the broken trendline and testing the 50-period MA on the hourly chart. Recently the 50-period MA crossed below the 200-period, which usually results in doward price movement. If prices hop back above the 200-period, then a large sideways base could be under construction, or prices could be building momentum for a breakout of it's large contracting triangle.
http://thechartpatterntrader.com/
George.
Click on "In reply to", for Authors past commentaries.
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