Thursday, May 3, 2012

Crude at major trendline support

This picture with drawings on the daily chart right hand side below needs brief commentary.  Bears want to see the multipoint major trendline support breakdown and the Bulls want to step up to the plate right about now. 

If crude holds trendline support, then a move above the most recent swing high around $106.50 will have my attention for opportunities to trade on the long side.  The path of least resistance is higher in that scenario.

A break in the trendline and then a move lower below the prior swing low around $100.50 will have my attention for opportunities to trade on the short side afterward.  The path of least resistance is lower in that scenario.

(Click on chart to expand)


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