Blake Morrow’s EDGE Chart of The Day – Oil
Blake Morrow’s EDGE Chart of The Day – Oil
Oil Trading Heavy
The Crude Oil market had a massive breakdown a couple weeks ago when it broke the $64 level. And since then, the market has been in a bearish consolidation, working off overbought condition on the RSI (relative strength index).
The scariest part of the consolidation is twofold. Despite the bounce in stocks (risk) the market has yet been able to recapture the $64.00 level. From a technical perspective, the fact that the Crude Oil market can’t get back above the 38.2% Fibonacci retracement does suggest that it’s only a matter of time before we see a move lower towards the 55.05 level lows.
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