Crude Remains Under Downward Pressure
Crude Oil sold off today, falling .43 points and continuing to stay well under the 7 day moving average. And while the haDelta indicator last Tuesday gave a potential reversal signal (see the yellow circle?), there is no indication that the downward wave is finished.
The bottom indicator is the Elliot Wave Oscillator. It, too, is showing strong downward movement. I am expecting price to keep moving lower towards the 47.70 - 47.15 range. The first is the lower Bollinger Band and the second is the yellow trend line.
Zoomed out chart to show the entire trend line.
The Heikin-Ashi chart shows that Monday's Heikin-Ashi candle was a decent recovery after last Firday's doji. While it wasn't the strongest of candles and is still inside of last Thursday's candle, it is still red and confirms the downward trend.
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The bottom indicator is the Elliot Wave Oscillator. It, too, is showing strong downward movement. I am expecting price to keep moving lower towards the 47.70 - 47.15 range. The first is the lower Bollinger Band and the second is the yellow trend line.
Zoomed out chart to show the entire trend line.
The Heikin-Ashi chart shows that Monday's Heikin-Ashi candle was a decent recovery after last Firday's doji. While it wasn't the strongest of candles and is still inside of last Thursday's candle, it is still red and confirms the downward trend.
If you like this post, please click the Lick button, tell your friends, and re-Tweet!
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
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