Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Update
Crude Oil's Wild Ride !
July 15, 2022 - (Gold Market Wire) - In yesterday's missive we noted that 1) Crude Oil looked ripe for a fall; 2) That in volatile markets like this you need to trade small and take profits along the way, and; 3) That the Crude Oil bull was not dead, but resting.
We got all three of these packed into one solid day of action.
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If you got short (like us), and didn't take profit on the day's blow out to the downside, you need to find a new career. No one stares a sell-off like that in the face, while war rages in Europe, and energy-based conflict is ubiquitous - and doesn't take profit. If you didn't, you managed to snatch defeat from the jaws of victory. Yesterday's sell-off was a technical signal blaring like a trumpet. It was not the start of some new low-priced energy environment, even if the Biden Administration manages to crank more downside out of the market. As we said, the bull market isn't over; not by a long shot.
In fact yesterday's action has all the hallmarks of a big flushing of weak length. The recovery was just as dramatic as the sell-off and the re-gain of the trend line was impressive. Next up: The Challenge of the Power Downtrend. Can we clear it? Well it is Friday, so there's always a decent shot. We'd like to see the power move abate before we think about length, so - flat for now.