Tuesday, March 6, 2012
Disappointing Day For Crude Oil Bulls
We are looking for crude oil to make its highs probably somewhere in the April May period. With a Trade Triangle score of +55, we believe this market is regrouping to move higher later in the month. We expect to see further gains in crude oil. All traders should be long this market with appropriate money management stops.
Crude oil [April contract] closed down $1.88 a barrel at $104.84 today. Prices closed nearer the session low today and hit a fresh two week low. The market was pressured by a stronger U.S. dollar index today. Crude oil bulls still have the overall near term technical advantage but did fade today.
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