Tuesday, May 31, 2016

Crude oil: Bulls remain comfortable, while bears have to roar!

Crude just hit a significant resistance at 49.2.Now it's time for decisions

Bears NEED oil to come down and FAST.They need to see oil breaking down support at 46.5 ASAP.Next support 42.5
Bulls on the other hand are in a more comfortable position.They just need oil to stay above 46.5 for as long as possible.Ideally bulls want crude to stay afloat for a couple of weeks.Than a move towards 43-44 will be just a confirmation of the current upmove