Reader “gatorsun” wonders whether crude oil is a buy here. It may seem, indeed, like the sexy play.
I have been cautious on the black gold for a while now. Updating the weekly chart below, note the potential for another fresh leg lower on this bearish wedge breakdown. I would avoid bottom-fishing until at lead the $30-$31 area.
_________________________________________
I kept staring at the photo…finally looked at the chart….on watch…now back to the photo…thanks Chess,appreciate the help here
I think she needs baby oil more than crude oil
32.60-ish is 2 std. deviations away from center (Day, 1Year). Last time we saw one of those was 4/17/2013 – also low of the year at 30.79. Followed by a rise to 34.30 on May 8th. After a protracted and repeating finding of support at 1 std. dev., we had the drive to 39+. So going long on a touch of 32.60, perhaps hedged, seems like a reasonable idea…