CRUDE OIL UPDATE (11:30 pm EDT)
Our long position in crude oil is in the red (about 5%) again as prices have fallen sharply from last Thursday's isolated high ($82.27 - September contract chart). Prices are now below both the 15-day and 45-day moving averages as we move into the center of another general reversal zone (July 18 - 29). We are in the time frame for a significant sub-cycle low in the current medium-term cycle of crude, and there is a support line just above $76 as we approach the center of this reversal zone. This market still looks bullish, so I am going to hold my long position for now with the idea that a bounce back up is imminent. A stop loss for this position can be based on a close below $76.
Our long position in crude oil is in the red (about 5%) again as prices have fallen sharply from last Thursday's isolated high ($82.27 - September contract chart). Prices are now below both the 15-day and 45-day moving averages as we move into the center of another general reversal zone (July 18 - 29). We are in the time frame for a significant sub-cycle low in the current medium-term cycle of crude, and there is a support line just above $76 as we approach the center of this reversal zone. This market still looks bullish, so I am going to hold my long position for now with the idea that a bounce back up is imminent. A stop loss for this position can be based on a close below $76.
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