11/17/11
9:27EST
Crude:December contract
Yesterday we lost the pattern pointing down to 94/94.50 on the last hiccup (102.89)
In the meanwhile we developed 2 small top patterns and already reached their down targets
Now we still have yesterday’s top pattern and it’s becoming quite interesting
Pointing Down
Up Price Target: 103.40 (we reached 103.37)
Down Price target: 100.04
Down Extension: 98.95
The compression reading on the decline from 103.37 to 100.01 is still not clear (and too early) if is a topping pattern or a continuance pattern (up new highs)
104.33 is now the key resistance level
we still have one active short term pattern
the up price target is 105.08 and it’s pivotal support is at 94.65
the weekly close on the crude is profoundly important regarding price (range) and direction the next 2 to 3 weeks
CRUDE: Daily Update
Started by
Master Che
, Nov 17 2011 09:27 AM
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#1
Posted 17 November 2011 - 09:27 AM
Master Che - market updates - masterchetrading@gmail.com