Thursday, 6 November 2014

Historical Median Lines and their Reaction lines reveal price action in Crude Oil

Now lets look at those supporting ( up sloping reaction lines always drawn in broken and dashed brick red.
Can you see the downsloping line and how price was buffered by it? Can you see the .618 Fib retracement level? We are not lloking for a reversal but expect some supporting reaction before price either goes lower or rallies/drifts higher but expect to revisit the brown ML again around 78.30 so are long 1 Dec ( 2 x .5) at 77.48 and 77.49 with our stop below the right hand inverted shoulder at 77.33

here's a more recent screen shot using two almost identical templates. The lines i have drawn manually over the reaction lines in different time frames as they move

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