CL1!: Pullback Into Weakness. Then Maybe See 2009 Lows #Crude

NYMEX:CL1!   Light Crude Oil Futures
783 5 12

Crude still looks weak to me, I think we are going to have a pullback to one of two very predictable levels I have shown on the chart here.

I think this will be the final pullback before we go into 2009 lows. After this, I will update this idea once again. Oil             prices are being hung upward by geopolitical events around the world, causing concern amidst the future, and of course, the possible interruption of oil             supply.

This is commonplace in trading. But if we can see the back of these problems as soon as we can Oil             will turn it's emphasis on the inevitable, and that is, that Oil             is crap right now, and needs to hit 2009 demand levels to see a real resolution of price.

The impulse pullback and the junky trading over the last 2 months told us one thing, Oil             was weak. It was so obvious that my dog even went short on Crude Oil             twice amongst this uncertain trading.

Best of luck traders

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Excellent analysis sir, I'm looking forward to your updates! Keep in mind that in 2009, shortly after prices reached their lows, QE was initiated after which prices skyrocketed, after QE ended in 2014, oil prices crashed. As you mention, geopolitical tensions could cause demand to rise, if not, I think we see 20 level in 2016.
moorekapital moorekapital
+1 Reply
Your pet dog, lol! Nice analysis, I'm of the same opinion and I will sell on a pullback which is beginning to take shape.
+1 Reply
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