Crude Oil Heading Into Severe Oversold Territory By Mike Paulenoff, http://www.mptrader.com/
Yesterday's break in crude oil and downside follow-through from the 7-year trendline at $61.60 to new bear-market lows at $56.35 has accelerated into a new downleg that is pointed right for a test of the Jan 2007 low of $49.90 next. Such a decline represents another 12% on the downside, which should press weekly oil into relatively severe oversold territory for oil and its related US Oil Fund ETF (AMEX:USO). Only a rally that sustains above $62.00 will begin to repair the technical damage inflicted during the past few sessions.
For more of Mike Paulenoff, see his ETF Trading Diary at http://www.mptrader.com/ . To view the chart in today's analysis, visit http://www.mptrader.com/marketshistory.php?id=1190 .
Learn how to trade oil futures and you will get rich. Best online analysis on crude oil futures completely free. What is the best way to learn how to trade? Trading!
Yesterday's break in crude oil and downside follow-through from the 7-year trendline at $61.60 to new bear-market lows at $56.35 has accelerated into a new downleg that is pointed right for a test of the Jan 2007 low of $49.90 next. Such a decline represents another 12% on the downside, which should press weekly oil into relatively severe oversold territory for oil and its related US Oil Fund ETF (AMEX:USO). Only a rally that sustains above $62.00 will begin to repair the technical damage inflicted during the past few sessions.
For more of Mike Paulenoff, see his ETF Trading Diary at http://www.mptrader.com/ . To view the chart in today's analysis, visit http://www.mptrader.com/marketshistory.php?id=1190 .
Learn how to trade oil futures and you will get rich. Best online analysis on crude oil futures completely free. What is the best way to learn how to trade? Trading!
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