Crude is at interesting juncture. It is trading near resistance from the 147 downtrend line and backtesting the 39.38 uptrend line. If it rallies and breaks above 114.83 (by more than say $3-5) then it opens up the possibility of Crude trading back up towards 147. On the other hand it could turn back to [...]

Crude just made a slightly higher high at 103.74 above the previous 103.37 high, and has backed off. This could develop into a bull trap. But I’m thinking it will most likely turn into a dip to be bought and that Crude will continue higher to 107-108.

With all the saber rattling going on [...]

The day is still young but so far Crude is trading well off yesterday’s high. If Crude doesn’t break through yesterday’s 101.75 high then Crude may be forming a lower high and become a good short soon.

However it doesn’t get harder than trying to predict a top in the Crude oil market so just [...]

Crude is headed to 100. If it stays above 99.6 for 3 or more days then I think Crude is headed to 104. 100 is a psychological resistance level and gets all the analysts talking. The important technical level is actually 99.6- this marks the 61.8% retracement of the drop from 114.83 to 74.95. By [...]

Crude nearly hit my $75 target in early August, but I wasn’t prepared for it at that time and missed it completely. I still think Crude is headed for $75. But first I think Crude will rally up to 92-93 and backtest the 114.83 downtrend line. If it stays below the 114.83 downtrend line then [...]

Last time I looked at Crude it looked as if Crude would make another run over 100, but instead it turned to the downside with equities. It hit my overall target of $85 last week. I was expecting it to hold support at 84.4 but fell completely through.

The uptrend from the 2008 low [...]

After making a lower low and a lower high today, Crude appears to be a sell. However on second glance notice that Crude is holding above trendline B, the 20 day and 200 day moving averages are steadily rising and the 50 day moving average is about to turn up. So I actually think that [...]

Crude has dropped to my 92.7 target and further tested the 200 day moving average as expected. I don’t think Crude is a buy just yet, but we may get a buy signal on Crude tomorrow. Regardless I decided to sell 84 strike puts on Crude. I don’t mind being a buyer of Crude at [...]

I have been looking to give an update on Crude Oil but there really hasn’t been anything to update! Last time I indicated Crude would rally from around 99 to 104-105. It didn’t quite get there, but did hit 103.5. Since then Crude has dropped below trendline A again. So technically Crude is breaking down [...]