NYMEX:CL1! LIGHT CRUDE OIL FUTURES
The two month rally in Crude Oil is starting to show signs of exhaustion. Not only have the previously mentioned price targets been hit but we are fast approaching the weekly OTE Short sweet spot (106.05). Coupled with that significant Fib level, our Willy 21 indicator is suggesting the market is very much 'stupidly overbought'. Consider too the fact that the latest rally has absolutely nothing to do with fundamentals and more to do with fear, it shouldn't surprise anyone to see this market take a bit of a pause in the not to distant future. While not an outright short at the moment, I would be very leery of having any position on for the time being.