Wednesday 14 April 2010

Crude Oil (CL#K) Result













Following on from the last posting on this blog yesterday PM, the reaction line was as effective as any Median Line and above is the resulting change in price direction. The fact that the reaction line follows the same/almost identical path as the first lower warning line from the Red up sloping ML set in the esignal chart (right above) is not lost on me.
Where from here for Crude Oil? If price does not return to the centre line in the blue Schiff then it is going higher. There is either a big shake out coming (which would need a price drop of over 4 $ to get to the blue Schiff centre line) or we test the UMLP and go through higher.

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