timwest

Crude Oil CLZ2014 -Daily -Trend Still Down, Time at Mode Update

NYMEX:CLZ2014   LIGHT CRUDE OIL FUTURES
293 0 6
I admit I missed the sell signal, so this signal is just a review of the sell signal that is in place.

The box is shown to give you an idea when to expect the decline to be over and at what price to expect a bottom. It is a general forecast box and not designed to be perfect.

The last rally created a new wave of buying, but it ran square into the overhead supply labeled with blue resistance lines, which is the mid-points of range expansion bars to the downside.

75.49 target: 77.30 last, stop 79.50. The risk = the reward here roughly. Not a great place to initiate a mid-probability trade. Hence, this is an update to the signal that is currently in place.

Tim 10:07AM EST 11/6/2014
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