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Technical Analysis
Oil - Technical Analysis
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[QUOTE="ddukic, post: 33742, member: 17645"] [b]Oil 02/10/2012 - 4h Chart Analysis[/b] Oil 02/10/2012 - 4h Chart Analysis [url]http://fxlisting.net/images/oil240-02102012.jpg[/url] OIL COMMENTS: A positive trading session the one of yesterday. The price exceeded the 50SMA and thus creates the prospect for an upward continuation. As we said in our yesterday’s comments on Oil the supporting area created by the two “U” blue trend lines were enforcing a supporting zone that would eventually break downwards after severe selling pressure. SUGGESTIONS: Please use the same suggestions of yesterday. Strategically are still valid. Don’t forget the sudden volatility Oil presents quiet often. For your easy reference I quote here below the Suggestions of yesterday: QUOTE “SUGGESTIONS: Opened short positions from earlier remain opened looking to increase their short exposure in case the price moves below the two “U” trend lines. Obviously, the continuation of the Oil’s price residing above the two mentioned “U” trend lines and the eventual up breaking of the 50SMA, must be taken seriously into account and eventually force us to anticipate an eventual up move of the price with negative consequences for our short positions. We will anticipate, either, by drastically reducing our short exposure, or, by closing our positions and eventually turn them into long positions. In this way I also described the stop loss strategy of the already opened short positions. Now, for the ones wanting to open new short positions, please wait. It is not the right time. The two U trend lines and their aura generate a supportive environment that needs time to be weakening by the traders. It is evident that below these two “U” trend lines there is “glorious” space for new short positions. About long positions. I am not sure about existing and running long positions. If any, please close them below the “U” trend lines and AMEN. You can though start new long positions of small exposure to anticipate the eventual strong reaction at this level resulting to a reversal of the recent up to now correction into a return to upwards move. In this case stop loss level should be the one little below the U trend line/s. UNQUOTE [/QUOTE]
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