Tuesday, December 6, 2011

CL Update on 6-Dec-2011

Weekly chart seems bullish. With a tendency to test last month’s high 103.37. If market break above 103.37, then it will continue to rise to 106.85.

From Daily chart, yesterday’s black candle seems to be a beginning of a correction,
If market close a black candle below 99.50 then it might lead the start of correction.

However, from intraday chart, there’s no sign of retracement, stochastic is low, and current support 100.20 hold.

Today’s view is Up.
To pick long at current support near 100.20 – 100.50, SL 99.80 and aim to exit at 102.00.
If market break below and close below 99.50, I will abandon long.

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