Today, Gold and Silver confirmed that they have topped out for the time being. The Equity markets are another story, and I’m not quite sure that we have seen a bottom put in place for those markets.
The crude oil market [October contract] is now back in an area that should provide resistance. This is based on the 61.8% Fibonacci retracement level of 85.30. Currently the market is trading a little above that level, which is not totally unusual in volatile markets. Long Term and intermediate term traders should hang on for the ride and protect profits with money management stops. Short term traders should be on the sidelines in this market. The longer term trend for crude oil is down based on our Trade Triangle technology.
Crude oil trend analysis.....
Monthly Trade Triangles for Long Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short Term Trends = Negative
Combined Strength of Trend Score = – 85
Crude oil closed down $0.38 a barrel at $85.06 today. Prices closed nearer the session low. The bulls have regaining some upside technical momentum this week. The next near term upside price breakout objective for the bulls is producing a close above solid technical resistance at last week's high of $89.19 a barrel.
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