After an interval of 7.5 years, Tesoro Petroleum is revisiting the previous RESISTANCE etched in mid 2007 market top.
For the double top of 2007, i can see that RSI is making lower high 1 & 2, therefore making it a bearish divergence which materialized into a full bear. Again, since Apr 2013 until Aug 2014, a supposedly double top has again happened well inside the RESISTANCE region. Corresponding to the 1st top in Apr 2013, i numbered the higher high in RSI 1'. Now that the apparent 2nd top emerged, i labelled (the not fully formed) lower high as 2'.
If history does repeat itself..(identically), we might soon see another huge correction.
For the double top of 2007, i can see that RSI is making lower high 1 & 2, therefore making it a bearish divergence which materialized into a full bear. Again, since Apr 2013 until Aug 2014, a supposedly double top has again happened well inside the RESISTANCE region. Corresponding to the 1st top in Apr 2013, i numbered the higher high in RSI 1'. Now that the apparent 2nd top emerged, i labelled (the not fully formed) lower high as 2'.
If history does repeat itself..(identically), we might soon see another huge correction.