Is The Double Top in For Crude Oil?
Submitted by Crude Oil Trader on Fri, 02/03/2012 - 06:38.
Only our longer term monthly Trade Triangle for crude oil remains positive on this market. The move today below the $98 support level puts this market in jeopardy of further weakness. A close below the $93.50 level seen on December 18th would confirm a double top pivot point formation, which would measure down to the $84 a barrel level.
We do remain longer term positive on this market, however it needs to move and close over resistance at $100 to get its upside momentum into high gear. With only our monthly Trade Triangle in positive mode, we expect we will see further market consolidation in crude oil. Long term traders should be long this market with appropriate money management stops.......
Vested Interest:
NOV, COP, XOM, CYB, DVN, GLD, BRK.B, STO, VZ, WFT, WFC, SLV, UDN, UUPRead the full article: http://crudeoiltrader.blogspot.com/2012/02/is-double-top-in-...
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