Today's action will generate a buy signal for me, an early signal, if the price climbs and stays over the mid-point of yesterday's bar. Why? Because yesterday was a range-expansion, down-bar. Those don't get violated until a trend is over. Hence, the downtrend will be over it can climb over the midpoint. So, earlier today QMZ2014 did get over the buy level, so it is already "in" a buy signal. To buy more, look for it to hold above the buy level and climb through the 82.75 reversal level. Stops under today's lows.
"Where's the PLUNGE PROTECTION TEAM in Crude Oil???"
Doesn't everyone know that this is the level where extracting shale oil
is unprofitable? Isn't this the level where production will shut down if prices stay down this low since it takes prices this high just to extract the energy from the ground?
This would be a really good level where the US Gov't will take a stand and place orders to buy crude oil
to support shale oil
production to assure supply for the long term.
81.15 last QMZ2014 8:30AM EST