P_Michael
Short

Still a Bear on Oil, new chart.

NYMEX:CL1!   Light Crude Oil Futures
130 0 2
Comment: A lot of action this past week on the chart. The secondary Trend ( orange trend line ) is broken. The 61% on the Fib Retracement has been broke on the secondary trend. The price has broken the 50 and 200 EMA. What do you think.
Comment: Right now Oil is 100% correlated to the market and 85% negative to the dollar. I think there is strength in the dollar. I think there is going to be continued volatility in the Market. If the VIX wont go below 16, there will be more pull back in the market and oil will continue to follow. Recent gas price increases will dampen the oil price spirits.
Comment: either we are in a descending triangle pattern, descending flag pattern or descending channel. Either one, continued weakness in oil will happen in the short term. The oil stocks are not showing any signs of life, still look under pressure. The XLE is still weak.

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