CRUDE OIL TRADE ALERT (3:00 pm EDST)
Crude oil prices are clearly and dramatically breaking below our new stop loss level of $53 so it is time to bail out of any remaining long positions not sold from yesterday. Today prices got as low as $50.52. That is below the June 12 low of $51.43 which was the start of the current medium-term cycle. This means this market is likely turning bearish, and we will have to change our trading strategy for crude moving forward. I will analyze this longer-term view soon in another blog. Selling (unloading) all long positions in crude now.
Crude oil prices are clearly and dramatically breaking below our new stop loss level of $53 so it is time to bail out of any remaining long positions not sold from yesterday. Today prices got as low as $50.52. That is below the June 12 low of $51.43 which was the start of the current medium-term cycle. This means this market is likely turning bearish, and we will have to change our trading strategy for crude moving forward. I will analyze this longer-term view soon in another blog. Selling (unloading) all long positions in crude now.
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