Tuesday, January 7, 2014

Crude Oil Morning Analysis

Crude Oil Daily Chart
The Daily chart of Crude Oil shows us sitting at major trend-line support this morning.  We can see there is still room for us to move lower and test this trend-line on the daily chart, however, the current daily candlestick is green which tells us the buyers have tried to grab hold of the price-action to take it higher.  The first clue of our analysis is very bullish, but will these bullish clues continue?

Crude Oil 4 Hour
Our 4-hour (240minute) chart shows us the same bullish candlesticks, however can also see that there is resistance at 94.24 up to 94.59 which we will need to see break if we are going to make a big move higher this morning.  

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