Please check out the full article here: oilpro.com The Energy Select Sector SPDR® Fund (XLE) has been battered, and it is starting to bruise. With the price of crude now just hovering $43 per barrel, this exchange-traded fund (ETF) is likely to get a whole lot cheaper. This fund has support near-term because Wall Street is discounting recent events in the oil...
There's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom...
I typically don't recommend trying to pick bottoms and tops in any market. The unstoppable move lower in crude is very tempting to try and find a bottom when it does happen. I recommend watching the 46.60/48.50 price range if crude gets down there. I think it has potential to hold this massive down trend. I feel confident that when the bottom does hit we will...
Cruel crude oil screaming for a bounce here after a big slump :) A historical bounce zone and completion of a bullish butterfly.
Yesterday WTI Crude Oil (/CLM4) completed an MACD divergence crossover on the DAILY chart. This signals a start of an intermediate downtrend (Less than 1 Month) for the Oil Futures. Trade Idea: SHORT /CLM4 at current prices and add more up to $103.45. Stop Loss is at a break of new highs at $104.20. Profit Target is $98 to $96. If you like trading Options,...