$CL_F (US Oil) 10.23.2013

Oil is nearing completion of a cycle from 104.37 peak which would complete 5th swing down from 112.25 peak. As Oil avoids aggressive weakness below 95.97, expect a pullback in wave B toward 100.00 – 101.00 area from where Oil should turn lower in 7th swing. Hourly cycles remain negative so we don’t like buying into proposed wave B and would for 7th swing to complete before initiating longs.

Back

Subscribe to our Commodities Blog

First Name: *
Last Name: *
Your Email Address: *