Articles


  • Is Oil About To Explode Higher Or Move Sharply Lower?




    After four consecutive weekly doji candles, crude oil closed the month of May with a monthly doji / spinning top candle, enhancing the war between the bulls and bears over the near-term trend of black gold. Of May’s four weekly candles, the first two saw bearish pressure and closed near the lows, whereas last week’s candle saw bullish pressure and closed near the high.
    The successful retest of the double bottom’s neckline, around 54.00-56.50, has proven that there are still more buyers who believe that crude’s price is attractive enough at these levels. The question, of course, is whether they outnumber the sellers, who believe that 60 is too expensive for crude oil.


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