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Crude Oil Futures Rising Wedge Breakdown

As expected, CL (crude futures) has broken down below the bearish rising wedge pattern that was highlighted in the trading room last week. Should the recent tight correlation between crude prices & the equity indices continue, this breakdown in crude, which followed the recent breakdown in comparable bearish rising wedge patterns on the broad markets, should bring equity prices down along with it. My minimum pullback target zone on CL runs from about 36 - 35.50, as shown on these 120-minute charts (previous & updated):

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Mar 14, 2016 9:12am|Categories: Gold & Commodities|Tags: , , |2 Comments

2 Comments

  1. jegersmart March 14, 2016 10:34 am at 10:34 am

    At the end of last week there was selling across the WTI curve – “feels” like producers hedging. As has happened before, it could be that “the rally killed the rally” – we will see.

    imho
    J

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  2. Double R March 14, 2016 10:49 am at 10:49 am

    Great call Randy!!! When you posted the set up on Friday, I pulled over and bought DWTI and RUSS with tight stops. Just closed out both positions this morning. Up 9.51% in DWTI and 6% in Russ. The email alerts are great for those working full time jobs or for those away from their computers.
    Thanks!!!

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