A bull flag is usually formed on decreasing volume... Weekly chart shows distribution Daily chart also confirms distribution - look at the down days compared to up days... Weekly chart on this post ... daily chart on the next...
Daily chart also confirms distribution.... this is a very speculative play... but it looks like distribution/retracement phase to me...
Nice analysis. I agree that if it breaks down current levels, the next support on a weekly chart that I see is around 35-37. But I just can't be bearish on oil (or gold) these days. We shall know within a few days if XLE will make it.
interesting, thanks for the insight. i am locked and loaded to go short in a HUGE way very very soon. stay tuned.....
holding volatile oil short at this time. positive aprox. .45 had 1.45 positive move max on trade thus far. holding awaiting break down. <html> <head> <meta http-equiv="Content-Language" content="en-us"> <meta http-equiv="Content-Type" content="text/html; charset=windows-1252"> <meta name="GENERATOR" content="Microsoft FrontPage 4.0"> <meta name="ProgId" content="FrontPage.Editor.Document"> <title>New Page 1</title> </head> <body> <p><i>open up the borders to the river running green, 'cause i got traunches full of dollars to trade for gasoline.....</i></p> </body> </html>