August Light Crude building out a possible bullish Cypher. Market in the last 2 days are slowing and RSI is nearing bottom. Market reached S2 at 64.225 and could drop possibly to S3 at 61.600. At the moment we are seeing just under S2 at previous months S1. Cross over 20 day MA and rise back above S1 would be determining factors for another move higher.
Note
Light Crude maybe trying to round out here and climb higher. S2 at 64.225 is support for the upward movement.Note
We have a banner flag on Light Crude. May try to take out S2 and bottom out as S3.Note
It also may take a run at the 20 day MA and rebound lower. Maybe 67.550Note
Light Crude continues to build out bear banner. Might attack S2 again as some point.Note
Crude dropped from banner and seems to be creating yet another one.Note
Light Crude following Cyher pattern. Will R3 be significant resistance to for a move lower?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.