Friday, 7 November 2014

Crude Oil continued plus DAX...the acid test for price

The dax has rejected this forks centre median line yesterday but maybe it's coming back for a second attempt? Either way we will get an indication of future price direction from todays coming NFP data.

but let's not forget the bigger picture and another large historical andrews pitchfork :

Crude oil:
We closed our long positon as per yesterdays post at 78.04 as indicated. It appears price has accelerated through the downsloping reaction and median lines but this cannot be guarenteed eyt and we may still see a failure here. I expect price to return to the centre line shown below of the horizontal pitchfork around 79.23 but we may touch back to the low 78.20's first. Both reaction line templates shown below:

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