UPDATE ON CRUDE OIL (10:30 pm EST)
After closing above the 15-day and 45-day moving averages last Thursday, crude oil dropped back below those averages on Friday. Today prices broke below $70 and closed near $69 (April contract chart). Although this commodity is taking a bearish turn here, this new low is being made near the center of a new general reversal zone (Feb. 21 - March 3) and also inside a new reversal zone specifically for crude (Feb. 24 - March 5). This means a reversal back up could be imminent. I am going to lower my stop loss for my long position in crude to a weekly close below $67.75 (this was the likely start of the current medium-term cycle) and hold that long position for now.
After closing above the 15-day and 45-day moving averages last Thursday, crude oil dropped back below those averages on Friday. Today prices broke below $70 and closed near $69 (April contract chart). Although this commodity is taking a bearish turn here, this new low is being made near the center of a new general reversal zone (Feb. 21 - March 3) and also inside a new reversal zone specifically for crude (Feb. 24 - March 5). This means a reversal back up could be imminent. I am going to lower my stop loss for my long position in crude to a weekly close below $67.75 (this was the likely start of the current medium-term cycle) and hold that long position for now.
RSS Feed