Thursday, August 7, 2014

Candle Quick: Oil

Candle Quick: Oil (WTI)

WTI Crude (CLU4) has marked a 10th new low today without a three session pause (stretched).  Recent candle developments include the ‘bearish engulfing’ on Mon/Tue which was confirmed by the lower settlement yesterday.  This followed a ‘bullish hammer’ from last Friday which had been confirmed by Monday’s price action.  Giving greater emphasis to the more recent bearish engulfing and in acknowledgement to the prevailing bearish short term trend, we should expect further progress toward an earlier stated objective of $95.  Resistance is expected toward $100 a target (99.75) should price action settle at/above 97.63 today.   

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