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Note the slope 20 ready to roll over…when this happens–watch out below…
Had a back test of year long BULL channel this week…
I am not as BULLISH WTIC–and have learned never trade against the slope 20…
Sure counter trend pops will occur, but the slope 20 determines the larger trend…
Currently, a new channel has materialized…and it’s down
I have crude coming to the end of it’s cycle also and I think we see downward pressure into April, if we get one more pop I don’t think it lasts and should be a good spot to load the boat if not already loaded.
I grabbed a long to what looks like a ride to the 72.30 area, potentially? I just can’t see oil staying bullish with a USD that looks like it wants to run higher while it crushes every currency in the world. At some point isn’t there a realization that a strong US currency and economy will not lift the rest of the world, does it not crush their currencies and pile stop growth everywhere? With the Canadian loonie getting taken to the wood shed, oil either corrects or the loonie turns about face because I can’t find a recent chart that shows oil up and loonie down, unless it is decoupling? Oil low by April in my books.