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Sunday, 24 March 2019
Crude Oil (WTIC Oil): 24 March 2019, Sunday
Crude Oil (WTIC Oil):
24 March 2019, Sunday (Click on Technical Chart above to Expand)
Attached is the follow-up, more macroscopic and updated technicals of Crude Oil. The Black Band with a Grey Mid-band is the long term resistance termed into long term support -- at a time when market majority are bearish and shorting while smart monies continue to buy against the crowd. The S2 support in black circled region is illustrated where markets did not back-test S1 as resistance-turned-support, and instead markets back-tested S2 as resistance-turned-support in end-2018 (I had forewarned that there would be bullish strength there back in end-2018 when the 90% market herd were bearish with conviction). There will be just minor dip for crude oil. Minor dips are for buying. Should you be in major bearishness for crude oil? The answer is no. There will be more waves of buy orders inundating into the market when crude oil hits around the $56.00 region of buy zone backtest.
The Donovan Norfolk Rating: Bullish Bias (Commodities, Energy, Crude Oil to experience buying pressure on every dip; every dip is a buying opportunity)
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