WTI Crude, and USO by extension, continue to hit and bounce and break through three key sets of Fibonacci projections/extensions. Overall sentiment is bearish. I Included the Fisher Transform, Vortex Indicator, and the Ultimate Oscillator as other relevant predictors of price action. I believe WTI and Brent are headed much lower, even to a 'one-day-only' $15...
CL made a new low in the March contract. The continuous contract is within a few ticks. Regardless of what contract you are trading CL is still weak and standing in front of this train wreck is bad for your account. We will stand aside until we see the first sign of upside volume then we will place it on the watch list. Watch more on our Weekly Video Update: youtu.be
Crude is taking a much needed trade as pikers come in looking for a big bounce. While we would expect a bounce we feel that crude may have one more test of the lows before buyers step to take profits. For now we are on the side lines being patient.
Crude got a much need bonce on Friday after making new low in the globex session. While the bounce is nice don't expect crude to go straight up. We will look for another move lower from the upper trend line (red). We will wait for a lower time frame trigger. This trade will have great risk/reward. See this video for more: youtu.be