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Monday, August 31, 2015

Higher Prices in Store for Crude Oil?

* See UPDATE below...

The last three-day candle pattern on WTIC Crude Oil could very end up being a "Three White Soldiers" pattern, which is, technically, bullish [Definition (courtesy of StockCharts.com): "Three White Soldiers: A bullish reversal pattern consisting of three consecutive white bodies, each with a higher close. Each should open within the previous body and the close should be near the high of the day."]

"Three White Soldiers" candle pattern


If that's the case, we may see Oil continue to the next major resistance level around $54.00-55.00 (confluence of the 200 MA on the Daily chart and the Mid-Bollinger Band & upper Channel on the Weekly chart) before, either consolidating, or reversing; otherwise, a reversal here could send it down to around $45.00 or $42.50, or lower.

WTIC Crude Oil 9 Months Daily Chart

WTIC Crude Oil 5 Years Daily Chart

Crude Oil Weekly Chart

* UPDATE September 1, 2015:

Well, just like the action in the game, Pac-Man, WTIC Crude Oil just ate the third "White Soldier" and made inroads on the second one in today's wild 8.24% plunge, after it was rejected at the falling 50 MA.

$45.00 is now resistance and $42.50 is the next support level...a drop below that could send price to new lows for this year.

WTIC Crude Oil 9 Months Daily Chart