Mish’s Daily: Turnaround Tuesday: Looking at WTI Crude Oil
Mish’s Daily: Turnaround Tuesday: Looking at WTI Crude Oil
Written by Michele ‘Mish’ Schneider
From November 2022 until the present, what do you see?
Bulls will see strong bottoms around $65.
Bears will see major tops between $90-$95.
Opportunists will see volatility and a reason to sit aside as at $73-$74 oil is in the middle of the range.
I see a neutralizing slope on the 50-DMA (blue).
I see a flat slope on the 200-DMA (green).
I see major support around $72 and good resistance at $80.
I also see a fundamental powder keg.
Between the newest Hurricane and the Middle East potential for disruption to Iranian oil fields, this is hardly the time for complacency.
In fact, thank you China for selling off, as this might have given traders a cheaper entry in oil with a good risk.
What will we do?
The simplest plan is to look at $75 as pivotal.
Bullish above, negative below.
Then, over $80, bulls can build the position.
Below $70 bears can rejoice.
Except for a few stocks, the Economic Modern Family remains in a sideways range. And for now, so does crude.
Educational purposes only, not official trading advice.
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Coming Up:
October 7, 14, 21, 28 Podcast with Geoff Bysshe
October 9 Markets Misbehaving with Dave Keller
October 9 CNBC Asia Capital Connection
October 10 Wealthwise Jordan Kimmel
October 16 Real Vision
October 18 Maggie Lake
October 24 Live Coaching
October 29-November 4 Vacation
December 5-7, 2024 Money Show Master Class
Weekly: Business First AM, stockpick.app
ETF Summary
(Pivotal means short-term bullish above that level and bearish below)
S&P 500 (SPY) 565 support 595 resistance
Russell 2000 (IWM) Range 215-225
Dow (DIA) Inside day so still a bit vulnerable up at these levels
Nasdaq (QQQ) 485 pivotal support
Regional banks (KRE) 52-55 support zone
Semiconductors (SMH) 240 support 255 resistance
Transportation (IYT) 67.00 pivotal
Biotechnology (IBB) 140-142 support zone
Retail (XRT) 75 pivotal
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 79.50 failed so watching for risk factors carefully
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