Tuesday, January 6, 2015

Crude Oil now testing trendline from 1998

$WTIC - Chart Link - amazing sell off this year, testing the long term trendline now.  We may be close to a bounce, however I still feel like we may need a short term capitulation where price sells off strongly in the morning and and goes below this line, and bounces back intra day to form a hammer - we need a washout in this market to rinse out the weak remaining longs and bottom pickers.

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