timwest

Crude Oil WTI - CLZ2014 - 7th Day of 12 Day Sell Signal

NYMEX:CLZ2014   LIGHT CRUDE OIL FUTURES
240 0 2
Even though there are signs of an attempted bottom:
1. CCI crossed up from -100.
2. Range expansion, Up-Day on Wednesday

There is still a downtrend in force:
1. 7th day of a 12-day "time at mode" sell signal.
2. Range Movement (RgMov) proprietary trend calculator shows downtrend.
3. Range expansion resistance at 79.50 and 80.35 (blue lines on chart)
4. The trend hit the downside target in just 3 days from the 85-79 ($6 box) labeled in yellow, which shows a compliant market that easily goes along with the trend.

What is interesting is that this downtrend shot right out of what looked to be a bottom in and around the $80-$82 area last month.

That's your update for Day 7.

Tim 11/10/2014 1:54PM EST
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