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Saturday, November 7, 2009
Short-term outlook for crude oil prices
In last week crude oil prices has been traded more or less sideways and finished the week on unchanged mark. But short-term picture shows interesting development because on Friday price closed below $77,7. This level has been formed since summer this year and was support for technical pattern flag formation. The breakout didn't support bullish trend anymore and short-term outlook is more bearish now.
I agree with Adam Hewison's long term-term outlook for crude oil which stays bullish. Adam also mentions flag formation which brings "bullish breakout" but this has been reversed on Friday as a false signal.
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