NYMEX_MINI:QM1!   E-MINI LIGHT CRUDE OIL FUTURES
I have this theory that the beginning of 2014 is deja vu of 2008. We have global disinflation, with deflationary threats in the EZ. This has propped up the dollar, causing commodity prices (particularly PMs and oil             ) to tank.

In 2007, leading into 2008, the general beat on Wall Street was that equities wouldn't decline. "So bullish it hurts," as I seen on one CNBC segment. Don't worry, it'll hurt a lot less.

We are not likely to see OPEC cut production because they do not what to lose market share. A lot still remains unknown, but crude looks to be trading like 2008.

From 2008's top, a descending trend line is currently acting as support. A trade will be entered on a confirmation close only. If prices bounce, $80/bbl is likely on a retracement.

However, a close below the trend support, we are likely to see $60/bbl in the coming months. Fundamentally, it makes sense.

Enter: 74.1
SL: 80
TP:60
And there it is, $60/bbl

+14 pts
Reply
great! Do you think tp is still 60?
Reply
Sorry, I just had a chance to log in. Yes, I do. I think in the longer-term, crude can go much lower. A rebound like we seen yesterday is normal considering the sharp declines. Some shorts likely took profit or covered. The fundamentals are still to crude's downside.
Reply
mamqua CommoditiesTrader
thanks i hope so
Reply
Nice call. It did hit $60, do you see going lower?
Reply
Price heading in right direction. 2008-high trend line broken.
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out