The Market Perspective: Crude Oil Strikes Out

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August 14, 2017

Crude Oil Strikes Out

AMonday August 14

Carl Swenlin's PMO indicator is about to roll over to the downside on crude oil.

Everything is rolling over on this chart!

At top Stochastics are rolling over

Price is rolling over in the main panel

And PMO is about to do the same in the lower panel.

Looks like this is setting up a plunge to re test the lows at 40-42or on USO much lower

Uh oh

15 Days 2 Hour

The crossover of the MAs is the worrisome feature here. This could be the start of a truly multi year low in the energy sector.

Price drops below its uptrend line, PMO looks to be turning to the downside,uh oh. Looks like a trip back down to find where support really is.

Posted at 06:02 PM in Energy | Permalink

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