In my post today we’ll take a look at crude oil it has been on the move selling off again today, we had a pretty large sell off yesterday wide range, we had almost a $9 little over $9 range from the high to low yesterday, which seems fairly small considering what we’ve been seeing. Over the last few weeks or so. Now we’re continuing to sell off today, as of this recording, we’re down a buck 60 or 1.7%, and the red trading at 9460. And we’re gonna take a look at potential next stop. So you can see we have a 123 top here, and it’s projecting a target based off this pattern to around $77. I think that once we can kind of Clear this area right here around 90 $91. It looks like there’s not much support in the way to potentially take us down to about $70 a barrel and that of course, would be welcomed at the pump. Now, here we have a trendline right here we can see we’ve got at least we’re able to at least connect three lower highs here, here and here. So think as long as this trendline remains intact, we need to focus to the short side so I would expect the market to come back and retest this potentially along the way. Again, as long as this trend line is intact, the trend is down. And intermediate to longer term. We’re looking for a price target of around 75 to $70
Technical damage done
A lot of technical damage done today across the board….however these types of moves can set up some absolutely beautiful trade ideas for the rest