TECHNICAL TAKE ON CRUDE OIL POST-OPEC

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We feel that crude oil may have bottomed / be bottoming in the very short-term after Thursday's nasty down move. The media coverage of oil's drop today is great anecdotal evidence that the short-term low is in. But that is not the only evidence off of which we are basing our opinion. Our current wave count for crude oil futures is that wave “(iii)” may have just run its course or is just in the process of doing so. Either way, the next move should be a wave “(iv)” bounce from current levels at $67.50 - $69.50 to either $75.91 or $80.96 (each of which is a Fibonacci retracement of the July to November decline). Once a wave “(iv)” top is made, the next move should be down to either $61.50 (if $80.96 is the wave “(iv)” peak) or $56.50 (if $75.91 is the wave “(iv)” peak). Don't be long of crude for that move! That does it for today's special update. We hope this helps! Disclosure: We are long of crude oil futures currently and are looking to buy into oil service names today for a trade.
Posted In: Long IdeasShort IdeasTechnicalsCommoditiesMarketsTrading IdeasMarket Wrap
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