Video Analysis in Crude Oil – Surviving $80?
I’ve been watching Crude Oil closely as many of you have, and I wanted to share a new video by Adam Hewison on the Crude Oil market entitled “Can the US Survive $80 Oil?”
In a way, Hewison begs the question as to whether or not he sees a reversal up in Crude Oil (as I mentioned in a prior post entitled “Daily Look at Crude Oil Developing Reversal“. He goes a little further than I did and sets possible targets using Fibonacci Retracements and gives a little background on that tool. He even goes beyond that and ponders what is likely to happen to the S&P 500 (and economy) if Crude Oil really does make it up to $80 per barrel – “Can we handle it?” – he asks.
Here is a chart from his video that shows not only the recently generated buy signal (from Market Club’s “Trade Triangle Technology”), but also an overlay of a Fibonacci retracement from the high to the low.
(Clicking the Chart opens the video to view)
Whether or not Crude Oil reverses from these levels, the risk/reward ratio is favorable, in that if Crude does go up to test a Fibonacci retracement, then it would yield much more profit than the obvious level to place a stop (beneath the price lows near $35 per barrel).
Always conduct your own analysis before making any trading decisions.
Corey Rosenbloom
Afraid to Trade.com
For everyone looking for Instruments to trade Oil read this article: http://www.indexuniverse.com/blog/5362-uso-oil-usl.html