Crude Awakening
Crude Awakening
So I’m all over crude today. Now before you complain about the temerity of posting a futures setup just days ahead of Christmas – hear me out: it’s a long term setup and we are uniquely positioned to possibly grab a big move launching way into 2014. So let’s get to it.
So February crude (shown in this chart) just settled up 1% at 99,04 today – January is around 98.77 (it slipped into contango in October and against expectation maintained it). Which means we’re just below the psychological $100 mark and on a weekly basis we just triggered not only an RTV-L but also a NLBL at 98.82 – how do you like them apples? If you look at the monthly you can see that the rising diagonal was successfully defended this and last month and although I can’t guarantee it’ll take off from here I however think that we’ve got an excellent setup here.
Of course a bit more below the fold – please grab your secret decoder rings:
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Cheers,
