I observed a bullish engulfing formation on the crude oil price 2 days ago. Immediately after the formation, crude oil price made a 8 percent gain on Friday and registered a new record high. Will it cross the 140 mark? I believe so.
Look at the chart below, crude oil has resumed its uptrend in the regression channel, it corrected down near the lower band of the channel and it rebounded strong after a formation of bullish engulfing.
Bullish engulfing is one of the formation studied in Japanese Candlestick. It is widely being used to study the short term market psychology. I am sure you can now appreciate the power of technical analysis and Japanese Candlestick in this learning.
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
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