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TFC Commodity Trading Forum

Sept Crude/ Breakout/Pullback "test" *PIC*

Sept Crude broke out above a bullish Inverse Head & Shoulder pattern at 88 and ran up to 1st resistance of 93.45. Typically price now is pulling back to the breakout point and 'testing' this 88 level as support. This is also the 20ema. This is the acid test for Sept Crude. Price must successfully test and hold above 88 and turn back up again to confirm support and suggest an uptrend of substance is intact from the June low. This is necessary to turn all the indicators and moving averages up into positive territory. Failure to hold here would suggest a bearish trend once again and keep and turn the indicators down.