Oil Heading Towards Strong Support

The very big picture of nearby crude oil prices shows that so far this week the price structure has sliced below the trendline from December 04 and is heading for a very strong congestion-support zone between $61 and $59/bbl., which should contain the decline off of the July high at $78.40. Such a move in nearby futures will coincide with a plunge in the USO to the $56.30 target zone.

For more of Mike Paulenoff, sign up for a Free August Trial to his ETF Trading Diary.


  Matched “”
x
Try Us Free For 14 Days!
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!