Loading ...WTIC Crude Cycle
Crude is continuing its bullish run with new highs on day 30 of Trading Cycle #2, signaling that the Bear has likely ended. My second, longer term 2 year chart, however, shows it is running into resistance at the confluence of two forks.
Crude has a fairly wide timing band for TC Lows at 36 to 48 days but I will go short here if price breaks below my lower blue fork line.
I have resistance at $51 and am long several producers including BHP and STO in my IRA. I may keep them as they both have a nice dividend stream at my entry point.
My hedge would be to short oil with SCO only if /when we break the lower Blue Fork IC Uptrend line.
Thanks Surf!