Crude Oil Holding Below Key Resistance
26 January 2012
WEEKLY CHART - CONTINUATION
So far the correction has found support close to a 50% pullback level.
The relatively choppy price action since May-11 has kept the bears cautious.
DAILY CHART - Mar-12:
In the Commodity Specialist Guide we have maintained an overall bear stance but, following the early Jan violation of the falling resistance line, bears have been put on a cautious footing.
The recent slip back has tested support from the falling old resistance/return line. Below here note the rising support line at 105.60, which needs to be broken to restore bears' confidence, followed by a drop below the 101.86 19-Dec low.
Meanwhile the 116.00 76.4% retracement offers key resistance and a breach of this should change the technical picture and call for higher targets.
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