Thursday, November 10, 2016

Has Crude Oil (USO) Snapped?

The Broken Crude Trendline

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What a refreshing change, not having to think or talk about debates, Wikileaks, or polls. Nice!
Instead, we can just glance at a chart. Below is the front month of crude oil. The trendline, which broke on November 2nd, has changed roles from support to resistance (circles indicating these points). Vienna OPEC meeting be damned, it seems to me oil is poised to stay beneath this line, so I’m sticking with my energy shorts.