Thursday, July 14, 2011

Oil $CL - Double Top

We have a confirmation. Inability to pierce through July 7th high for the 2nd day in a row. Traders love double tops - clear chart formation, well-defined risk for placing stops, multiple targets on the downside. Chart formation now looks similar to June 10th.
It is falling like a rock now. Everyone is piling on this trade as I type. Being early is the key. I hope my yesterday's Oil post helped you...

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