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NEW UPDATE: 8/29/15
[private_GANN TRADING GROUP]
OUR ONGOING CRUDE OIL SHORT TRADE SELECTION HAS FINALLY ENDED & REVERSED TO LONG
Today’s post is an update on our previous short trade in Crude Oil since June.
Using the Excalibur Method (and confirmed by other Master Course techniques) we detected a shift in the price momentum in WTI CRUDE OIL on August 27th.
Here’s the reason: The angle of ascent for price now is too steep from the August 27th breakout to Friday; far too steep to maintain. However, this won’t prevent us taking the opportunity to take our theoretical grab at a bit of this upside action and get into position for the next down leg when this upsurge breaks (as it must).
We’ll have to follow the upside movement at a shorter time frame rather than the daily chart level shown above.
What to watch for: If new highs are not made and If we get an hourly bar that closes below $44.60 with most of it’s bar range below that price; then, we may assume that the short-term upsurge is over, and, a continuation of the previous downtrend will continue. – George [/private_GANN TRADING GROUP]