yesterday we closed 0.79 above lod.....only to see a lower low, 0.51 from previous low. Will we repeat the pattern today/tomorrow....% wise...or similar cents..??
Good, the 2nd leg up. Now we look at the big picture, chances are good the final test was over and we have our RSI positive divergence, and 5 wave down pattern, so could be the very 1st down leg has completed. For now the initial resistance is multiple Fib confluences area not far above. Let's see. We need a strong close.
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Hilarious! "Oil plunges more than $2 in minutes on a rumor that Gaddafi has been shot. WTI crude is now $7 off of its high from earlier today - $97/barrel."
Me XMan wrote:Hilarious! "Oil plunges more than $2 in minutes on a rumor that Gaddafi has been shot. WTI crude is now $7 off of its high from earlier today - $97/barrel."
The rebound yesterday is market as blue rectangle, usually, the rebound is stronger and stronger, so accordingly, today's rebound should be larger than yesterday, let's see.
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If he's dead, US will lose those oil fields. How can that be good?
zebra wrote:
Me XMan wrote:Hilarious! "Oil plunges more than $2 in minutes on a rumor that Gaddafi has been shot. WTI crude is now $7 off of its high from earlier today - $97/barrel."
Me XMan wrote:If he's dead, US will lose those oil fields. How can that be good?
zebra wrote:
Me XMan wrote:Hilarious! "Oil plunges more than $2 in minutes on a rumor that Gaddafi has been shot. WTI crude is now $7 off of its high from earlier today - $97/barrel."
is it still a rumor or has been confirmed?
u got me.. it is just like how can money-printing be good for US?
The next multiple Fib confluences area will be the real test.
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Could be another push up before the close, just a wild guess. And by the way, yes, the rebound is larger than that of yesterday.
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ICE has just announced it is hiking oil margins for the second time this week, this time increasing both Brent and WTI margins. The new Brent scanning range is 5200 compared to 4850 before, while the Oil WTI 1st month contract is hiked from 600 to 900. We expect the NYMEX will follow suit on its own WTI contract any minute.