Crude Oil - 17-07-2013 A bullish target at $109 per barrel has - TopicsExpress



          

Crude Oil - 17-07-2013 A bullish target at $109 per barrel has been temporarily aborted for U.S. oil as it failed to clear resistance at $107.45. The failure indicates that the five-wave cycle rising from the June 24 low of $92.67 may end up with a failed fifth wave. In terms of pattern theory, a bearish double-top could be forming around $107.45. The former target of $109 has been based on a triangle, which has been proved very unreliable. Even though the possibility of a further gain to $109 has not been completely ruled out, this target simply makes little sense to bulls, as the current uptrend is due for a reversal.
Posted on: Wed, 17 Jul 2013 09:42:00 +0000

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