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Just as “orange is the new black”, I think that “oil producers are the new gold miners.” It doesn’t sound quite as good, but here’s my point:
I’ve written before about the failing shelves of support with various commodities. Silver led the way in mid-September……
This Weekly chart of WTI Crude Oil Futures says it all.
Oil is sitting just above a major price and Fibonacci Confluence support level of 75.00 (as I write this on Tuesday at 3:45 pm)…a break and hold below 75.00 could see it drop to around its next support level of 64.50.
Furthermore, we may see a bearish Death Cross form soon on this timeframe…should that occur (or even sooner in anticipation of that event), price may briefly pop up to re-test the cross-over level around 96.00 before plunging to, potentially, new depths.
The last time it broke below 75.00 was October of 2008 (during the financial crisis) when it sliced straight through the 200 MA. With volumes increasing over the past few weeks, we could see some fairly volatile price swings enter soon…one to watch. (more…)
Another new all time high yesterday with an indecisive daily candle. There were quite a few calls for a wave high yesterday at the close yesterday and there is a case for that, but that’s unsupported so far by any negative divergence on the daily RSI 5 or NYMO area, so it’s a definite maybe. If we don’t see a break under the 1985 area, I’m looking for trendline targets in the 2040 or 2060 area to be hit before any big reversal. SPX daily chart:
