Wednesday, July 08, 2009

Crude Oil Declines



Ever since I exited my long crude oil position around June 15th, many of you have been asking me why I don't get back into this market. Well if you look at the above chart you will see why. The momentum is clearly down which tells me to stay on the sidelines until the momentum shifts back to the upside. If things change I will post my opinion on crude oil in future updates but for now I'm not touching this market. Here is the link to my post from June 15th.

2 comments:

RacerX said...

Good call Kevin. Looks like $32.50 is a good congestion/support area. We'll see what it does from here.. my hunch is further downside.

Gold planning said...

Nice amazing informative blog post, Great work keep it up!

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