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Oil Bulls’ Failure and Its Implications
Let’s start today’s analysis by quoting the last article on black gold: (…) light crude climbed to an intraday high of $82.48 and approached the lower border of the red gap ($82.53-$82.73) formed on Mar.20. Despite this improvement, the bulls didn’t manage to push the price higher, which triggered a pullback and a daily closure under the previously broken upper border of the red rising wedge. What does it mean for the commodity? On one hand, such price action looks like a verification of the earlier breakdown under this line and could encourage the bears to show their claws once again – especially when we ... (full story)