Higher Prices In Store For Crude Oil?
Candy Matheson | Sep 01, 2015 12:12AM ET
The candle patter over the last three day on WTIC Crude Oil could very well end up being a "Three White Soldiers" pattern, which is, technically, bullish—Definition (courtesy of StockCharts.com ):
"Three White Soldiers: A bullish reversal pattern consisting of three consecutive white bodies, each with a higher close. Each should open within the previous body and the close should be near the high of the day."
| "Three White Soldiers" candle pattern |
If that's the case, we may see Oil continue to the next major resistance level around $54.00-55.00 (confluence of the 200 MA on the Daily chart and the Mid-Bollinger® Band and upper Channel on the Weekly chart) before either consolidating, or reversing; Otherwise, a reversal here could send it down to around $45.00 or $42.50, or lower.
| Crude Oil Weekly Chart |
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