Friday, May 4, 2012

Heads up on Crude

The damage of a major multipoint trendline being broken can clearly be seen on the chart below.  I do not believe these trendlines should be ignored, regardless of what a "technical indicator" or "moving average" signals.

Crude is now at a minor horizontal level of support which is drawing a trendline to the the prior swing low on the chart.  The longs above should begin sweating if it doesn't hold. 

(Click on chart to expand)

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