Gary, if you use a Weekly chart of $WTIC the trend line off the 2009 lows across Jan 2014 lows the price as of this week is right at the support zone which has held since the 2009 lows. If one fans the trend lines you can see the breakdown in 2011 off the $114 high again in 2012 off the $110 high and 2013 off the $112 high.
The 200dma on the Weekly chart has been over shot many times since 2011 but only for $2-$7 and that puts in the low, currently that level is $96, these past two years June has been the low, setting up an Aug-Sept high before Nov lows, Gold has had similar action, repeat in 2014? .......jj
Gary, if you use a Weekly chart of $WTIC the trend line off the 2009 lows across Jan 2014 lows the price as of this week is right at the support zone which has held since the 2009 lows. If one fans the trend lines you can see the breakdown in 2011 off the $114 high again in 2012 off the $110 high and 2013 off the $112 high.
ReplyDeleteThe 200dma on the Weekly chart has been over shot many times since 2011 but only for $2-$7 and that puts in the low, currently that level is $96, these past two years June has been the low, setting up an Aug-Sept high before Nov lows, Gold has had similar action, repeat in 2014? .......jj
I'm betting that's exactly what will happen in 2014.
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