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Is Shark Ready to Eat Up Crude Bears?

crude shark 15apr15

Crude is witnessing a nice recovery after getting support near 2639 which was 113% Fibonacci extension of a bullish attempt from 2720 to 3340 that took place in February 2015. Harmonic shark pattern is clearly visible on daily chart. Currently crude is trading at 3366 staying above 3340, which was top formed during bullish attempts in February. Stochastic is staying above 50 and %K has formed a cross above %D in positive territory favours bullishness in this counter. If crude holds above 3366-70 zones decisively then it will increase odds for completion of this shark that completes at 3614 or 3861 zones. Any failure of 3100 may invalidate current bullish expectations.

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