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Oil trending sideways for nearly two months

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The daily chart of oil is shown below,with a huge spike occurring on Wednesday to $112/barrel, leaving ahuge shooting star, which is indicative that a top was put in placeof some Degree. Oil has been trending sideways for nearly two months now, so the breakout to the upside at a minimum met the requirement,although from a time perspective it should have lasted longer. The sharp rise in price created a huge price excursion above the 21 and 34 MA Bollinger bands, suggestive that a short-term top

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