July 17, 2008 6:05 PM
Oil prices posted a bearish 'Three black crows' pattern over the last three days... Oil prices posted a bearish 'Three black crows' pattern...The pattern is a significant reversal formation after an uptrend. The pattern is considered highly reliable, but the risk is that oil is oversold in the short-term. The reversal is also confirmed by a break of trendline support that guided the move higher since mid-March at the 135.30 level. Also, the Tenkan line is crossing the Kijun line to the downside, generating a sell signal on he Ichimoku charts. The 135/138 area should contain any rebounds in oil and rallies should be sold from here on.--BD (www.forex.com)
Oil prices posted a bearish 'Three black crows' pattern over the last three days... Oil prices posted a bearish 'Three black crows' pattern...The pattern is a significant reversal formation after an uptrend. The pattern is considered highly reliable, but the risk is that oil is oversold in the short-term. The reversal is also confirmed by a break of trendline support that guided the move higher since mid-March at the 135.30 level. Also, the Tenkan line is crossing the Kijun line to the downside, generating a sell signal on he Ichimoku charts. The 135/138 area should contain any rebounds in oil and rallies should be sold from here on.--BD (www.forex.com)
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