Jamie goes out on a limb:
This is it VD. Get ready to rile up White Buffalo. I’m staking my reputation on this being the last time we’ll see these levels for a long time to come. Check out the volume, the resistance lines at this point, the candlestick from yesterday’s trade… you can see how they are black (black positive from open, red negative from open), that means traders tried to push it higher at the open and there was simply no volume there (haven’t seen volume that low since the Christmas holiday period), but it did close higher than the open – a very bad sign for those who were foolish enough to go long. The short little wick at the top on the candlestick means even the small gang of buyers met some small early sellers at the resistance line, and they couldn’t even push back. The big shorters will play their hand now, it appears to me that they’ve decided to wait on the buyers exhausting themselves… not only that, but the oil price hit on support at $42.50, and appears to be heading back up. Ooh, this is going to be good!
This is a top, I’m telling you, I’m calling it this time. This is a top! A top!!!!!!!
I have only one question. What reputation? Regardless of what happens in the markets, you’ll still be Tha Freak From Down Under.