Friday, February 10, 2012

Is Crude Oil in a Short Term "Regrouping Phase"

We are looking for the crude oil market [April contract now] to be on the defensive for the next couple of days, but then expect it to regroup and start moving higher once again. We are looking for crude oil to make it’s highs probably somewhere in the May period.

Once over $102 a barrel, this market should skyrocket. We want to pay close attention to this market as we believe that the recent market action is reflecting an important cyclic low period for this market. If this is true, this market could be headed substantially higher. With a Score of +55, this market we remain in a trading range.

We remain longer term positive on this market. With our monthly and daily Trade Triangles in a positive mode, we expect we will see further market consolidation in crude oil. Long term traders should be long this market with appropriate money management stops.

What do Super Traders have in common?

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