Here is a 15 mn chart of YM. We have a rising wedge coupled with a bearish RSI divergence (14 period to smooth out). I also have two sets of fib projections: the one from yesterday, which is 100% at 10728, thus stays on the chart since the high so far is 10626, and the projection from today which has 23.6% at 10745 and 38.2 at 10756. Given that we have a convergence of gap close from March, weekly R1 and 38% projection right there at 10754, I would expect that level to be sold. I know the long side is tempting, but frankly, this is not the time to throw in the towel. I much prefer being long oil.
click on chart for full size
click on chart for full size
This entry was posted
on Thursday, July 28, 2005 at 2:39 PM.
