The big event tomorrow will be oil inventories at 10:30. Today, "surprising" support was found right at 76.4% 2005/2006 after a brief pull out of the descending wedge. Support is at 58.10/58.20 and 57.50. Resistance is 58.65, 59.50 and 60. Falling wedges are bullish formations, but they can narrow the range for some time, so trade it. But one cannot ignore the strong bounce off 57 with positive divergence and the bullish hammer close.
This entry was posted
on Tuesday, October 31, 2006 at 10:16 PM.
