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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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NOTABLE POSTS WITH IMPORTANT UPDATES...

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