Crude Falls Below Support

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I'm not completely sold on the idea that crude is going to sell off much further, because when I look at a monthly chart it appears we're at long term support. However looking at a weekly chart which in the short term has more weight over a monthly chart, we have fallen below support and could be in for more selling.  Until we reclaim that bottom trendline crude oil is going to remain under pressure.

General markets – there are a lot of varying opinions as to which way the general markets are going to go. I'm seeing some conflicting signs but the primary trend remains down according to my timing signal and I'm seeing zero bullish setups on my scans. Therefore being short remains the only option but I'm remaining open to the idea that the markets could surprise to the upside any day.

Weekly chart


Posted In: Trading Ideas
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