Get 40% Off
💰 Warren Buffett reveals a $6.72 billion stake in ChubbCopy Portfolios

Oil's Strong-Buy Price Points

Published 03/13/2017, 01:30 PM
Updated 07/09/2023, 06:31 AM
CL
-

4-Hour Crude Oil hit a new reaction low at $47.90 in Monday's pre-market trading, down from $53.80 on March 7 (last Tuesday), or -11%.

My near-term pattern and momentum work argue in favor of the start of a two-way market, but not the establishment of "the low."

With crude oil DSI at 40 as of Friday's close, we should not be surprised to see oil press closer to $46-$45 before strong buying interest emerges.

4-Hour Crude Oil

Latest comments

Hey Mike. Thanks very much for that chart, i Will take this with me in my analysis,always good with another point of view.
finally position paulenoff can agree on: start position at 45.00 or so. agree. oil isn't worth much more. it took a scattered bunch of empty suits to talk this up to 60 amidst a flood of oil and NG. excess is worse now and opec and other non members are still attempting to talk up price. if oil touches 45, you know the towel is tossed to the ring, and put your buying hat on. don't listen to that red herring dollar talk.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.