Option Investor
Printer friendly version
I thought Crude would break this neutral wedge upward based on the MACD but it certainly has not and is now testing support.

I could have read the wedge wrong and today is just an extension of a sideways move that started back on March 30th (the MACD supports this scenario) and, if that is the case, then support will hold and Crude could rally back to resistance. On the other hand this could be the bears telling us they are taking over. In any case I was on the sidelines and waiting for Crude to show me its cards and still need a close below support before I place any bearish positions. It seems the bears are the ones in control now though.

[Image 1]

Market Monitor Archives