CRUDE OIL UPDATE (10:30 pm EDT)
Crude oil prices broke and closed below our stop loss point ($62 - Nov. contract chart) today. Any traders who sold their long positions should stay out for now; however, I will remain long with a new stop-loss based on a close below the very strong support at $60. We move into another strong reversal zone for all markets next week (October 8 -17) and especially for crude (Oct. 10 - 21). If support at $60 holds into that time frame, it could be the launching pad for a strong rally and another chance to buy.
Crude oil prices broke and closed below our stop loss point ($62 - Nov. contract chart) today. Any traders who sold their long positions should stay out for now; however, I will remain long with a new stop-loss based on a close below the very strong support at $60. We move into another strong reversal zone for all markets next week (October 8 -17) and especially for crude (Oct. 10 - 21). If support at $60 holds into that time frame, it could be the launching pad for a strong rally and another chance to buy.
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