This is May crude Oil. The bue down sloping ML set is a classic Schiff ML ( from P0) and fits well with recent price action on it's UMLP. It maybe a one -off line of resistance and break through as we are a long way from the blue centre line and if price can't make it there then it's going higher.....or (especially as it's Friday) we could have a sell off which i think is a distinct possibility as we have come from the 79.50 area to 87$ in a little over a week to 10 days. If you use the SL to the left of lower pivot/P1 (with the same Schiff ML set) then price is right on the UMLP at this level and no previous bar has penetrated the UMLP. The Yellow UMLP is more important & is from an obvious Andrews ML set drawn on the daily chart with P0 at 83.94 on 11 Jan and P1 at 69.50 on 5 Feb and the recent P2 swing H at 87.07 on 6 April.
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