- Crude rallied since its bottom in April, and it is looking like a 3 wave move.
- Prices have reached into the resistance band.
- Also the last leg of this rally is accompanied with falling volume, suggesting falling trust of market participants in higher crude prices.
- A short trade on crude would be prudent in the resistance zone marked on the chart, with a SL above last pivot high. If the risk in this trade is looking too much, then one can wait for the prices to turn down, and then look for a low risk entry into the trend, this second option would be safer than the first.
Friday, May 10, 2013
Crude - Technical Update
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