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Well, it’s just one day, but I’ll take it. Crude is down about 2.25% as I am typing this, and as I dedicated the entirety of my own weekend posts to energy shorts, it’s fitting. As for it being only the 2nd day in a string of 14, well, a thirsty man in a desert isn’t going to argue the fact that his cool water is in a Dixie cup. He drinks it gladly.
Out of the past dozen days, crude oil has gone down…………..ONCE. As someone with more than a few energy shorts, this is irksome. The next meaningful resistance level is 48.36.
Look! Oil has climbed above its June-Aug resistance line at $46.10, and at today’s high of $46.46, has climbed 19% off of its Aug 3 corrective low of $39.19.
More importantly perhaps, is that the structure of the Aug upmove exhibits bullish form, which “warns” us that the strength represents the initiation of a new advance within the larger intermediate-term recovery from the Feb low at $26.05, and projects to a minimum upside target of $55.00 in the weeks ahead.
Any forthcoming “digestion weakness” should find strong support at $44.60 to $43.20 prior to a resumption of the move to $55.
Originally published on MPTrader.com.
