Not another oil chart

Do you think it will react to this back kiss?

http://stockcharts.com/c-sc/sc?s=$WTIC&p=W&yr=5&mn=6&dy=0&i=p47016311252&a=136247073&r=3116.png

I'm betting on it (carefully)

yeah, prolly punch on through to the other side... In fact a couple of fib views give me agreement around 113.XX on a 1.618

Edited by SemiBizz, 08 May 2008 - 07:49 PM.

Sometimes you get a better view by looking at the simple stuff. This is a beautiful chart. Until something messes it up, I'm sure not going to stand in the way...

You gotta look under the surface to see the cracks in the lime stone foundation. I am no volume expert, however this thing is being distributed right now from the strong to the weak hands. 25M+ shares on USO since we hit 122.71 on Tues and since then we have went up one dollar in crude. So 25M+ shares on USO and we get one more dollar rise in price on crude. I know I am talking about vol on USO and showing a crude chart but all the same in my book. I look at effort vs results. No doubt under accumulation from 110 to 122. Since hitting 122, I think it is under heavy distribution. Looking at the hourly candles you can see how the professional money is selling into strength.

All your chart says is we get a pullback into 120.5 before we go higher.

So, looking at USO today... we pulled back to the ABC up target area I published earlier.. of 100.64. Today's low actually 100.69. Now that's a bit bullish for the present. Keep an eye on it, there's no big retracement coming until that one breaks...

Edited by SemiBizz, 09 May 2008 - 09:42 AM.