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Epic Level On Crude Tagged At $47.30
Spot crude collapsed again today, hitting a low of $47.28/bbl. Based on an epic trend line and pivot support, pro traders are buying oil here for a lengthy bounce. Note the chart below. Oil was trading north of $77/bbl just a few months ago, now down almost 40%. This level should yield the first multi-month bounce in crude. Oil could see a move as high as $60/bbl over this period.
Gareth Soloway
InTheMoneyStocks
Oil Trading At $66.50, If It Breaks, Target $52.00/BBL
The stock chart on oil could signal a massive collapse in the coming months. Spot crude is trading at $66.50, hitting a long-term trend line of major support. However, if oil breaks below this level, it will likely collapse within 6 months to $52.00/bbl. Watch closely, it may be on the horizon.
Gareth Soloway
InTheMoneyStocks
Predicted Oil Collapse Underway...
The commodity 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. These factors all spell major trouble for oil. I have a first support target of $66 in the charts from my short alert at $75.00. The first target is just that, a quick bounce before oil heads even lower into November. The final target into November is $55.00/bbl. See you there!
Gareth Soloway
InTheMoneyStocks
Oil Correcting, Here Is The Target
Oil took a beating today, falling 3% after inventory data showed a surprise build. In all fairness, oil was extremely overbought and due for a correction. Let's not forget, the U.S. keeps pumping more and more oil as the price has gone up and the global output remains higher even with OPEC's attempt to curb supply. Ultimately, expect a correction in oil to the $59 level of support. Note the commodity chart below.
Gareth Soloway
InTheMoneyStocks
Oil Nears Major 2015 Pivot, How To Trade It
Crude oil continues to climb higher as global economic optimism increases and instability in the Middle East continues. Anti-government protests in Iran have helped push oil above $60 per barrel. Considering economic optimism is likely at/near a high and U.S. production is increasing with the price of oil, the pivot high from 2015 at $62.00 is likely a good short opportunity. I expect a pull back off $62.00 back to the $55.00 level of support.
Gareth Soloway
InTheMoneyStocks
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http://finance.yahoo.com/q/h?s=OIL
The investment is linked to the performance of the Goldman Sachs Crude Oil Return Index and reflects the returns that are potentially available through an unleveraged investment in the futures contacts comprising the index plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. The index is derived from the West Texas Intermediate (WTI) crude oil futures contract traded on the New York Mercantile Exchange. The fund is nondiversified.
iPath S&P GSCI Crude Oil Total Return Index ETN is a sub-index of the S&P GSCI Commodity Index. The S&P GSCI Crude Oil Total Return Index reflects the returns that are potentially available through an unleveraged investment in the West Texas Intermediate (WTI) crude oil futures contract plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. The S&P GSCI is an index on a production-weighted basket of futures contracts on physical commodities traded on trading facilities in major industrialized countries. The S&P GSCI is designed to be a measure of the performance over time of the markets for these commodities.
