A bearish engulfing pattern and a first close below the important middle tine support…now resistance…of the jun – sep 2017 schiff pitchfork (currently 1.2269)…we are now testing the feb low at 1.2204 and may perhaps try the support band 1.2172 – 1.2160….we’ve still a double top target below the market at about 1.1925.
A bearish black crow and another attempt below the recent key 50% fib support at 1.3898…but still no close below it…today we have another attempt lower.
A test back down to the recent uptrend line (currently 0.8796) and we closed yesterday right on it…today we’re testing back under it again…but seemingly cautiously so far.
A follow on up to the previous key reversal up/spinning top combination pattern….however…we’ve halted again just ahead of the 2018 downtrend (currently 107.71) resistance.
A bearish long black marubozo down through and closing under the key 50% fib…now resistance…at 0.7817…we’ve tested down to the seemingly strong dynamic support congestion made up of the long ma (currently 0.7786) and the medium ma (currently 0.7774)…this will be an obstacle to surmount and initially…the market doesn’t wish to.
NYMEX CRUDE FUTURES
A bearish opening black marubozo and also a bearish engulfing pattern…it seem perhaps the market has decided that once we’d reached the horn type (double) bottom pattern target at about 63.85 that it would be enough on the upside for the moment… however…no furtehr bearish follow through as yet.
A bearish outside day as the market again tried up to the key 50% fib resistance at 7303 and failed to close over it…as cautioned last week…superficial bullishness may still disguise indecision…today we’ve moved further down and away from the 50% fib at 7303.
A second lower bearish black crow as the breached oct 2017-to-date trendline (currently 12,582) has again rejected the move higher…seperately the overhead combination of the long ma (currently 12,736) and the recent 50% fib looks ominous resistance.
A bearish combination of a key reversal down…a pipe top and a seeming rejection of the key middle tine of the 2016 andrews pitchfork (currently 2783)…all in the one day yesterday…today there’s been limited follow through but i would again stress…as i have done many times recently…how important the closing above…or below…2705 currently is.
A key reversal down with a close back below the bearish middle tine of the sep – dec 2017 schiff pitchfork (currently 121.77)…the nearby andrews pitchfork of the same move (currently 121.26) has been a good indicator of the bearish angle-of-attack of the recent market.
A second bearish black crow follow on to the possible very recent tweezer top pattern and rejection of the overhead resistance by the middle tine of the sep – dec 2017 schiff pitchfork (currently 159.54)…additionally…we have a small bear gap there from jan…there’s limited follow on today so far...
A bearish black marubozo follows a bearish spinning top and with a close back below the middle tine of the sep – dec 2017 andrews pitchfork (currently 143.21)…we’ve not followed on so far.
A bearish engulfing pattern which followed an indecisive…bearish…doji cross…the recent action seemingly supports the previosuly mentioned concept that overall…the market is still showing reasonably wide ranges but seemingly calming down around the 7050 area…maybe finessing this to the 7000 area and perhaps using this level as an attractor with occasional moves away and outside… there’s also perhaps a large bear arc forming over recent months.
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