Monday 12 March 2012

CRUDE OIL: Pivot Levels and Divergence

Looks like crude is going making a slight move upwards now that it's on the Daily Support 1 Pivot Level, while at the same time showing support with CCI and RSI (green lines); seriously considering a buy in... if it holds:


In terms of Fibonacci and Support/Resistance Lines, I am not seeing a whole lot. There is some support coming from a 50 Fibonacci Retracement Line, but since the price passed through the upward trend support line (black line) I would expect it would drop... proceed with caution though.