CRUDE OIL TRADE ALERT (3:15 pm EDT)
Crude oil charts are giving us a short-term buy signal today as we approach the end of the current reversal zone for crude (it ends early next week). It looks like yesterday's low at $46.68 could be the bottom of the current medium-term cycle, and if so, we could see a rally back to $55 or higher. I am therefore going to enter a long position in crude today. We can place a stop loss at yesterday's low ($46.68).
Crude oil charts are giving us a short-term buy signal today as we approach the end of the current reversal zone for crude (it ends early next week). It looks like yesterday's low at $46.68 could be the bottom of the current medium-term cycle, and if so, we could see a rally back to $55 or higher. I am therefore going to enter a long position in crude today. We can place a stop loss at yesterday's low ($46.68).
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