Posts Tagged crude oil
I would have been wary of this trade personally as the market has been trending downwards for a while but trends do reverse. I do like pin bars as they show strong buyers or sellers. In our case you can see that there were buyers present forming the pin bar in the daily chart.
If you were to trade this you could take the long at the break of the nose of the pinbar.. so far the price has moved a nice 300 points... big moves like this probably mean a pullback at some stage so one would have t
October 9, 2012
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My post regarding Crude Oil a few days back showed that the market actually was consolidating, make a false break higher to lock in the longs and then came crashing down almost 400 points... Crude Oil actually lost around 4% of it's value in one day.
I am a bit miffed to be honest.. I had thought that we were going to see prices move lower last week when the price fell below the support line around 9100... it dipped just below 9000 before rallying in total around 300 points. At this time,
October 3, 2012
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Below is a picture of the Crude Oil price chart... ok, at this level it doesn't look that interesting...
But if you zoom in a bit more...
This is what I am seeing.
The price made a high at A but fell rather strongly.. it even fell through the support line shown where it found support a bit lower down. However, confirmation of the support line which becomes resistance via the pin bar shows that sellers are now present here driving the price down. The price is right on support but
September 25, 2012
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