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Re: Dec Crude/Testing Support/Silverbear
In Response To: Re: Dec Crude/Testing Support ()

Should have bought the "test" at the double bottom for a bounce. That's all I am sure of. Anything can occur now with the pattern complete. Rising Wedges are bearish and typically fail and retrace the entire Rising Wedge pattern. Price is now trapped between the Aug lows double bottom at 77.10 and 91 resistance. I 'might' buy a 2nd test of the double bottom, but reluctantly. Each test weakens support and the seasonals are very bearish for Crude right into December so price isn't likely to hold going forward. But price is closer to support than resistance. Would need a clear breakdown below 77.10 to suggest further selling. That will be the acid test.