Oil update: CL July contract has convergence of two key fibs at 52.60 as well as 50 day ema (52.55) and that will be very strong support, if the 50 day sma support breaks (53.35). I would be a definite buyer at 52.60 and there is a chance that area could be visited soon, as the daily cycle showing signs of rolling over. The overall uptrend is firmly in place.
click on chart for full size
click on chart for full size
This entry was posted
on Tuesday, June 07, 2005 at 5:52 PM.
