A Third Close Below The Key Recent 50% Fib At 1.2358 And A Test Down To The Middle Tine Support Of The Jun – Sep 2017 Schiff Pitchfork (Currently 1.2256)…But The Market Rejected This And Tested Back Up To The 50% Fib Again…Though Closing Outside Neither…We’ve A Double Top Target Below The Market At About 1.1925…Caution On That Though!
a follow on to yesterday’s bearish open and close long black marubozo below the recent key 50% fib support at 1.3898…however…we failed to close below it and it still acts as support.
Still No Follow On To The Recent Key Reversal Down And We Even Tested Up To The Medium Ma Resistance At 0.8853…However…We Turned Back Down Later On…And Would You Believe It…Closed Right On The Key Oct 2016 – DEC 2016 50% FIB AT 0.8834.
the pull back up failed…so far…as we had a bearish open and close long black marubozo…halting at a pair of 61.8% fibs from before 2017…it seems the market is being shy about trying up to the bear flag Resistance Starting At 108.40…108.17 If You Consider The Recent Downtrend.
The market was not comfortable below the seemingly important 50% fib at 0.7817 and only closed below it once before reverting back up…the combination support just below of the long ma (currently 0.7780) and the medium ma (currently 0.7773) that halted previous declines in february seems to have been key to this rise… however…today…we’re testing the 50% fib again…watch those mas.
NYMEX CRUDE FUTURES
A follow on to yesterday’s bullish doji cross and a fourth close over the key recent 50% fib at 61.38 with a superb key reversal up…so far the market seems to be rejecting the recent bearish shooting star pattern and moving towards the recent horn (double) bottom target in the 63.85 area.
A bullish harami follows a bullish engulfing pattern… however…we’ve a lower high and low…usually a bearish sign… caution on this…superficial bullishness may still disguise indecision…after all…we’re still below the key recent 50% fib at 7303.
A bullish engulfing pattern that was also a bullish closing white marubozo…all after some recent indecision…so far the market has decided to follow on upwards.
A Bullish Piercing Line Pattern As The Market Closes Back Over The Key Recent 50% Fib At 2705…I Cannot Stress How Important The Closing Above…Or Below…2705 Currently Is.
A further follow on to the recent key reversal up with almost a bullish engulfng pattern and a close…just…over the bearish upper tine of the sep – dec 2017 andrews pitchfork (currently 121.57)…this tine has shown a good indication of the bearish angle-of-attack of the recent market…it may still be resistance but it also may soon become support.
A bullish engulfing pattern with a first close over the key 2015 – 2016 50% fib at 158.54 and the upper tine of the sep – dec 2017 bearish andrews pitchfork (currently 158.58)…this tine still runs the recent bearish angle-of-attack of the market...as recently mentioned… we may be forming a possible small rounded bottom pattern.
A bullish harami follows the previous bearish long black marubozo…the support of the middle tine of the 2016 – 2017 schiff pitchfork (currently 142.17) is key to recent action…as is the resistance of the middle tine of the recent andrews pitchfork (currently 144.02).
LME 3 MONTH COPPER
A large key reversal up…though there’s little follow through so far today…overall…the market is still showing reasonably wide ranges but seemingly calming down around the 7050 area…perhaps using this level as an attractor with occasional moves away and outside…there is also perhaps a large bear arc forming over recent months.
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