BullBear Trading: Stock and Financial Market Technical Analysis

I have been following spot crude for decades, trading it on occasion when the chart dictates. I called a short on crude oil when it kissed $52 per barrel based on a 100% move off the lows, $50 even number resistance, overly bullish sentiment and a plethera of other technical indicators. I rode it down, profiting nicely, taking my profits at $45.00.

How crazy is it that when crude oil was tradnig below $30 per barrel, analysts were calling for $20 oil. Then when it rallied to $52 per barrel, analysts were calling for $60-$70 crude oil. Insane right? Let that be a lesson, always go the opposite direction of the crowd/analysts as long as the charts confirm it.

The bottom line is, crude oil will have a technical bounce for a couple weeks soon. The key level I have isolated on the chart is $41.30. This is fast approaching. While I think crude oil falls lower longer term, there will be a trade opportunity to buy at $41.30.

Also, don't miss out on joining Verified Investing. It is a 3rd party website that verifies every trade I take, and compiles a verified track record for the public to view. It is the only website of its kind where you only reward me IF I give you profitable trades. Most other websites charge you an upfront subscription, win or lose. Insane. Anyways, signup free and follow my trades!

By Pro-Trader

Bman Alerts

Views: 33

Comment

You need to be a member of BullBear Trading: Stock and Financial Market Technical Analysis to add comments!

Join BullBear Trading: Stock and Financial Market Technical Analysis

Join BullBear Traders

 
Free 30 Day Trial
No Credit Card Required

SUBSCRIBE Here
  

Pay with Cryptocurrency and SAVE!

6 Months BullBear Trading

for $100

(regularly $120.00)

 

Steven Vincent's market analysis is published on:

Steven Vincent's opinion is polled every week for the Birinyi Associates
TickerSense Blogger Sentiment Poll

© 2024   Created by Steven Vincent.   Powered by

Badges  |  Report an Issue  |  Terms of Service