Monday, October 2, 2017

Post:0014 Crude oil " CL " 2nd of October 2017

Crude oil price chart may be confusing at first look but with some checking It will be more obvious.

first look; the resistance trend line had been broken upwards (bullish) & the price continue rising to form uptrend swing (higher high , higher low) on daily time frame ...

but now the price bullish rally move is exhausted (overbought) & reach a region with resistance levels that obstruct the price headway furthermore.

Selling power expected to appear soon as long bearish daily candles facing first support at "50.39" by breaking it downwards we will see more downward move to the "46"  (short selling opportunity).

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