Crude oil is following yesterday’s move lower with some early weakness. Below, is a short term chart showing recent price history with price knifing through the $51 level like butter:
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However, once we zoom out to a longer term time frame, the bullish reversal pattern is still intact with price forming the infamous inverse head & shoulders pattern:
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I’m still a bull on oil and will view dips in oil as a buying opportunity. $51 & $55 are the important levels to watch on the upside. For now, let price find its true value.
Be back later with some screens.
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don’t know if you follow raul pal, but his latest tweet
“The short term #oil trend is now broken. A break of $45 likely will give the full signal for a break down to the low and massive liquidation”
raoul pal…(sp)
Yep, not in a rush to make any moves. But, will be plotting a few buys soon in a few oil cos.
I did pick up some RIG on the 200 day MA
46.68 is the 200DMA which it bounced off of this morning.
Oil traded at $46.68 this morning?
Cmon out here to Odessa, I’ll show you some frakkin inventory…
I believe you my friend