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Rightfield

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Posts: 178
Reply with quote  #1 
Snapback or will this well proven and tested long term
 trendline finally succumb?


universe.png 


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All that happens is symbol, and as it represents itself perfectly, it points to the rest.----GOETHE

Money knows what money likes...and money likes to make more money.---fib_1618

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Rightfield

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Reply with quote  #2 
Crude, like the broader market, had an amazing week last week.

After 10 straight down weeks, all hope seemingly was lost last Monday with not only a break of the 40 dollar psychological level but the early 2015 support levels as well. Tuesday and Wednesday were inside days then the end of the week explosion. A climactic weekly reversal from 52 week lows to a 12.46% gain on very high volume.

The net result of this reversal is to bring crude closer to the broken trendline in the chart above and most likely change the monthly candle from a bearish continuation dark body to a doji or a possible hammer. With one more trading day left in the month of August crude needs to rally about a dollar and a half on Monday to return to that broken trendline for a break even close.

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All that happens is symbol, and as it represents itself perfectly, it points to the rest.----GOETHE

Money knows what money likes...and money likes to make more money.---fib_1618

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