I don't even want to go into a China or Peak Oil discussion, therefore I let the pictures do the talking. The CRB looks awefully bearish and the entire bounce out of the crisis looks like a dead cat bounce. Not all charts develop such a clean structure as some of the commodities like Oil (similar to CRB) or Gold, but when they do they usually are high %.
What does it take to change my assessment to the bullish side:
- Price needs to recapture convincingly the SMA 55wk (we just did the opposite)
- We need the RSI to enter the RSI ZONE above 70 (better a good spike to 75+)
- take out of the 280 level (better the 295+)
No comments:
Post a Comment