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Oil's Collapse: Here's My Trade

Published 07/12/2018, 01:51 PM

Crude oil is going lower, as I predicted a week ago. The $75 level was a major technical resistance point (seen on the chart) spanning back years and common sense told you not only would July 4th mark a high pivot, but President Donald Trump would start ripping OPEC to get oil down into the mid-term elections. Every political party in charge talks oil down into elections to get a few extra votes. This November is one of the most important elections in recent history.

Watch Out

These factors all spell major trouble for oil. I have a first support target of $66 in the charts from my short alert at $75. The first target is just that, a quick bounce before oil heads even lower into November. The final target into November is $55/bbl.

See you there!

Daily Crude Oil

Latest comments

Trump may ask Putin to sell more oil. It a not good to be in a long position this week.
The least-accurate caller in history - strikes again
Not going to happen, wrong call.
"Short alert at $75" maybe in your dreams. You'll make up any story to promote yourself, it seems. I was short oil from $73.41, glad I covered at $69.50 today (50 day SMA) now that I see you making one of your genius calls to short oil here. Easily the single worst *publicly verifiable* track record of any author here. We can see how he's constantly wrong yet he claims a sky-high win rate. Don't believe me? Look at his calls from his articles and see for yourself. Prepare to be appalled.
And how's your "Mercury in Retrograde" call for a stock market crash in July going? Wrong as usual, it seems. Keep trying.
Thanks for pointing this out Dante. I have been only a casual reader, but was never very impressed. Now I know why!
 I'm glad I was able save you from this guy's "advice!" I will keep calling him out every time he's wrong, which is often! Pretty much every week!
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