Crude Futures First Target Hit

The first target on $CL (crude oil futures) has been hit. While a reaction is likely, I favor crude prices ultimately moving down to the next target at 46.84 note: this is a 60-min chart of the July contract, as covered in yesterday's video, the previous static post (first chart below posted on Wednesday) showed [...]

May 19, 2016 9:39am|Categories: Equity Market Analysis, Gold & Commodities|Tags: , , |Comments Off on Crude Futures First Target Hit

CL (Crude Futures) Bearish Rising Wedge Pattern

$CL (crude futures) look poised for a pullback to at least the 46.75 level (first target) & quite likely the 45.90 level (second target) or beyond if/when prices break below this 60-minute bearish rising wedge pattern. Comparable price targets on USO would be 11.50ish & 11.25ish with a continued move down to the 10.70 area [...]