Are we in for a crude awakening?

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[/et_pb_text][et_pb_text _builder_version=”4.12.0″ _module_preset=”default” global_colors_info=”{}”]Today, folks want to take a look at crude oil. We covered this, I believe, a week or two ago about this trade setting up here in December crude, we are now at basically a time of the year from a seasonal perspective where crude oil in energy markets in general, favor the downside. And I think I showed you this. In the last video, you can see this is basically where we are, we’re kind of like in the the middle range of this seasonal peak, which we did peak out a little bit later
this year. So this is about where we are here in mid November. But we’re peeking now or it looks like we’re peaking at least. But you can see that this weakness basically carries on into the end of November, and then in to December, and then we’re looking for a bottom sometime around late December, early January, for that kind of final bottom heading into the summer driving season. So looking at this from a multiple timeframe perspective, we have a daily four hour and one hour here, this is the bigger picture, the one that I’m looking at right here, we have a 123 top in for in play, suggesting a move here from around 8050 down to about 7550. So we’re looking for about $5 or so it’s $5,000 per contract. Now, one thing I like to do here is you can see that we got that initial break where the 123 top that also coincided with a nice longer term trend line break. So that by some standards is the sell signal. What I like to do though, is wait for additional confirmation. And that’s that second pass. So you can see that we traded down through this area, we came back up and now we’re coming back again, or what I call the second pass, notice that we pierced here we pierced here, we pierced it here three times, but could not maintain a close below that number to break out area. But we’re looking at looks like at least today, as of this recording down 78. Since that we may get that close we got the rest of the day. So we’ll see what happens. But you can also see our short term moving averages are starting to turn lower as well. And that gives us more confidence to go ahead and jump in this trade with a target of around 7550 to 7575, you’ll see our Momentum Oscillators are also turning lower. But as far as entries, if you want to get in better entries, or what I call sniper like entries, you can go down to the lower timeframes, the next timeframe would be the four hour and then the one hour you can see, which is starting to roll over actually completed a nice 123 by pattern here on on the 15th. Taking it from at quarter up to about at one quarter or $1 or $1,000 per contract. Here’s where I would maybe then go down even further to say maybe a 1015 or 30 minute to see if you can get a little bit better entry on the base off the longer term timeframe. So overall, we’re looking for a potential short in the works. You can do this via a multitude of ways. Trading crude futures outright selling crude futures selling mini crude futures, trading crude futures options, or of course there’s uso other leveraged oil ETFs. Buying put options selling bear call spreads, really the sky’s the limit based on your style of trading. If you have any questions, reach out, and we’ll see you on the next update[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]