Crude oil – Weekly outlook 07 November – 11 November 7, 2011
Our analysis of last weeks Hikkake pattern came off to the upside as expected; however we were unable to see the market closing above its next resistance level at 95. Friday saw a high of 94.90 before slightly retracing and closing the day with a bullish pin bar. The next significant area we may see the market reach is 100. With last weeks Hikkake and Friday’s pin bar the market could reach this area in the coming days/weeks.
Below we can see the Hikkake pattern mentioned in last week’s analysis. The Hikkake was strengthened as it was formed at a significant area in the market rejecting the 90 level
Should we see a break and close above 95 we could see the bull’s pushing the market back up to the 100 area. We would have liked to have seen last Friday’s pin bar closing above 95 to further confirm our bullish outlook. However price action at this time is still favoring the bulls.
Article by vantage-fx.com