I’ve wanted to do an update on the crude oil market for a few days now, but unfortunately time got away from me. In my new video on crude oil, I update some of the thoughts I had before, but also some important elements that are still in play and could push this market significantly higher.
In this new video I outline the key support zone that I see and also highlight some other technical elements could come into play to push this market higher.
As always our MarketClub videos are free to watch and there is no need to register. Please leave us a comment on the blog and let us know what you think.
All the best,
Adam Hewison
President, INO.com
Co-creator, MarketClub
I would stay far. far away from any investments in the petroleum market.
Thank you, Adam. What produces the Energy? Maybe it has to do with the degree of trendiness: the energy builds up during consolidation and releases as the new trend is established?
What I think I see in the red lines on your chts, is sort of a rounded double bottom (and a I mean that literally, no pun).
Mark,
I tend to agree with you. I think the market is drifting down in a pennant type pattern. We may have to see more on the downside but I would like to not see this market close below 76.
All the best,
Adam
Adam,
Thanks for your comments. I have been following for the past few months and find your analysis among the best there is, so, keep up the good work!
My comments are on the oil video...I'm a newbie, but technically speaking, is the oil market setting up as bullish penant formation? It sure looks like it.
Dear Adam: As one of your long-time devotees (back into the 90's), I have probably forgotten, but can't remember having seen a definition of the 'energy fields' that you have mentioned in the most recent videos. Could we have a look at this one? And thank you for the vast amount of help and guidance you have given to us all thru the years.
Chris,
Thank you for your feedback.
The term energy field is one I've been using recently as I think it better describes the amount of energy under or over a market. The larger the energy field, take gold for example the big move is going to be.
All the best to you and thank you for your kind words.
Adam
Thank you Adam. Your website and videos have always been Very resourceful. Keep up the good work.
Adam,
Your last two videos describe mutually exclusive trends. If the dollar strengthens, that would put a damper on oil prices. Or put another way, if you are right about oil, the dollar is not about to bounce. Interesting times!