Showing posts with label Falling Channel. Show all posts
Showing posts with label Falling Channel. Show all posts

Thursday, March 14, 2013

CL Crude Oil Update Symetrical Trianle

$91.91 Pivotal Low, Bulls need to take out $93.47 High after mid-band resistance

ZW Wheat Falling Channel Potential "Wave 5 Low"

Potential Wave 5 Low against 78.6 & completion of -38.2 target. Key pivot reversal holds out of falling channel

Monday, March 11, 2013

X Setting up for the Buy Side United Steel

I talked about the short opportunity X had on January 30th, 2013 Click Here and how it had $2 more dollars of room to the downside to fill its gap and test the established trend-line. Well a little over a month later the move has completed. Trend-line has held and a reversal pattern is currently underway. IMO the lows here should be in. Key reference area for a long is 19.87.

Sunday, March 10, 2013

Oil Symmetrical Triangle

Oil futures daily chart is forming a Symmetrical Triangle. On the 3rd test of the trend-line identified "X" is the ideal location to get long instead of buying the breakout. .618 retrace from the November 2012 lows to the January 2013 highs along with a key pivot bar is propping this future to where it could see higher prices next week. I also like how its breaking out of the organized falling trend channel that was established against the Right Shoulder highs made in February. My overall expectation is for the "Neckline" to be tested and for oil to continue higher and targeting those 127.2 extensions. 

Thursday, January 24, 2013