Its quite a while since I last update my Blog, but there has no price action to follow except recent Crude and Riskier Assets rally and there could be medium or long term bottom be placed, and the biggest clue is recent rise in rally of Crude is the biggest weekly gain since the late 2009 in November.
Big Clue was the recent Canadian Dollar strength across the board and that has to happen when crude and Canadian dollar are strongly negative correlated Currencies and Riskier Assets Like Aussie Dollar and Its counterpart Cousin Kiwi dollar recent rally is quite a big clue as We have not witness such rally in the past six months or so.
Let's begin with Crude Daily Chart, as they said there is clearly strong double bottom that failed and then with a break below that bottom we witness strong rally and that is bigger clue that stop hunting below the low was the reason of the last decline.
WTI Crude Hourly Chart Update
Basic Idea of presenting or posting charts like this is to let trader's know that what is true price action which demand or expect reaction. Reaction only come If price structure is designed to let everybody aware of the fact what charts are telling us. Now, simple scenario will be the Price test the New Demand zone and get rejected with strong volumes which will surely mean that there are new cash inflow and they think that crude is very cheap and should be good price to buy as it got rejected from previous levels.
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