CRUDE OIL TRADE ALERT (2:30 pm EDT)
A significant sub-cycle correction in crude oil's current medium-term cycle is now due, and crude prices have fallen sharply from the high of $78.46 (Nov. contract chart) on Oct. 8 to a support level around $70. A new weekly low was made earlier today at $69.44, but now prices are closing back near $70.50. This is the last day of our current general reversal zone for all markets and the current cycle seems bullish, so this looks like a good spot to buy for a rally that could test that $78 high. I am going to enter a long position in crude today with an initial stop loss based on a weekly close below $69.30.
A significant sub-cycle correction in crude oil's current medium-term cycle is now due, and crude prices have fallen sharply from the high of $78.46 (Nov. contract chart) on Oct. 8 to a support level around $70. A new weekly low was made earlier today at $69.44, but now prices are closing back near $70.50. This is the last day of our current general reversal zone for all markets and the current cycle seems bullish, so this looks like a good spot to buy for a rally that could test that $78 high. I am going to enter a long position in crude today with an initial stop loss based on a weekly close below $69.30.
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