Wednesday, February 8, 2012

Fake out to the downside Crude and Euro

Crude oil managed to spook yesterday with a nice fake out to the downside, and probably encouraged some short selling and/or triggered stop losses for longs...before reversing sharply higher...

30 min chart below..

So still in the potential BULL FLAG.. and now more likely to see a break above 101 (after a bit of time to digest yesterday's gains) 

The daily chart shows the FLAG
MACD looks to turn up
Upside target if it breaks North could be as high as 121

The €/$ also did a similar move, not quite as dramatic but tested the 1.3030 level, before reversing sharply higher and breaking resistance at 1.3225

Same as for oil, expect some back filling but should head to 1.35 minimum, and after hearing CNBC commentators yesteray advising selling into strength this may go as high as 1,40!! (good contrarian indicator)

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