Crude Oil Analysis For The Week Of March 5, 2012

Weekly April crude oil posted a potentially bearish closing price reversal top last week. This formation typically leads to a 2 to 3 week break equal to at least 50 percent of the last rally. The key to this pattern’s success is the follow-through to the downside. A break through $104.84 will confirm the chart pattern and set up a possible break to $103.18 by the week-ending March 17. This doesn’t appear to be much, but a move through this level could set up a further decline into the 61.8 percent retracement level at $101.44. Last…

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