A Very Crude Conversation

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A Very Crude Conversation

Today, I want to have a very crude conversation with you. Uh, crude oil that is! Crude oil inventories are out today and I want to let you know the Hawkeye perspective. Here is my video update for today:

The Hawkeye Perspective

Crude oil is continuing to fall in price in recent history. Ever since the Saudi oil field attacks, the price of crude oil has steadily dropped over $10/barrel. However, I see support has formed and I am getting indications that we might see price rising on the longer term picture.

The weekly and monthly charts show a consolidation wedge formation, with crude oil prices at the bottom of the wedge. If it holds, I expect to see price “bounce” off the lower channel back up to the middle, around the $55-$56 range. The most interesting indication is the Hawkeye Fatboy. It is showing that crude is extremely oversold and starting to build strength.

On the hourly chart, I see a change of character in buying pressure (volume). The London session was very bullish for crude oil. With inventories out today, and the expectation is for a reduction in stockpiles, I look for continued bullishness in price. The Hawkeye Zones puts the price targets at $53.80 and $54.30 to the upside. Downside targets would be back to $52.50.

Yes, it was a very crude conversation, but I trust it was informative. I hope to see you in my training room today. Learn to trade the Hawkeye way.

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