Has crude oil bottomed out? That's the question on investors minds today as this market has moved up close to 10% in just the past few days. I have been warning of a rally based on the positive divergences I saw on the daily charts and the fact that the end of January marked the seventh month in a row that crude oil had closed lower.
Whether this is a dead cat bounce or a reversal of major proportions in the oil patch sector remains to be seen. Certainly, the market is getting close to making some major technical reversal signals and should they kick in I will, of course, follow them. What often happens with prolonged market trends whether they are on the upside or downside they tend to lull traders and investors to sleep who are expecting to see more of the same.
In today's video, I'll be looking at crude oil (CL.H15.E) and sharing with you the exact point where crude will reverse its downward trend and start a new bull trend. Whether this will be a dead cat bounce, meaning just a short covering rally or a true reversal to the upside remains to be seen. I'll be examining both scenarios in today.
Once again, gold (FOREX:XAUUSDO) has recaptured its bullish mantle with all the Trade Triangles in a positive mode indicating a resumption of the uptrend. The target for gold is the $1340 level.
Lastly, I will be looking at a stock that I think can have a quick move to the upside but only if one key level is taken out. I'll share with you this key level and why I think it is so important for the health of this stock. Should this key level be broken today, I'll share with you the upside target for this mystery stock.
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Again
"Don't be EXITED"
Do you mean don't be excited????????
Dear Mark,
Thanks for feedback and also for correcting my word, actually i mean to say "don't Excite or stimulate or motivate or encourage infect, my thoughts are more speedy then my typing, so there may be some poor English presentation, also i must point-out that one should take content more seriously, rather then language proficiency or presentation, may i right?
With Regards,
"I'll be examine both scenarios in today"
For God's sake , if you expect to be taken seriously, get a grip on the Queen's Englsish!!
For both Crude Oil and Gold, Considering Medium or long term view, i think this is too early to predict anything.
In a Strong Bounce-Back scenario, Crude may touch next upper Levels from $ 58 up to $ 63 and even $ 74 can not be ruled out, however, further movements thereafter only will decide turn around, because down side possibilities to touch next, in the range of $ 38 to $ 42 or even up to $ 25 is also strong and still remaining.
As far as Gold is concern, same situation prevails, market seems like passing through intermediate movement with a first strong hurdle line stood at around $ 1303 to $ 1321, and if $ 1240 will break again, then and then Bull chances will darker.
FOR BOTH CRUDE OIL AND GOLD IT IS SUPPOSE TO SAY THAT DONT BE EXITED, BE COOL UNTIL FIND ANY NEXT CLEAR SIGNALS.