Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Crude Oil Nearing Major Peak


Crude Oil Nearing Major Peak
By Mike Paulenoff, www.MPTrader.com

Time to consult with the very long-term chart pattern in crude oil, from the December 1998 low at $10.35, which has a very bullish pattern, into today's high, but also a pattern that is in its final few percentage points of making a multi-month if not a multi-year high. All of the action off of the Jan 12, 2007 pullback low at $49.90 represents the final upmove in the larger 1998-2007 upleg. The relationships between the various legs during the most recent 10-month upmove point ot a target zone of $97 to $102, or an additional 4%-10% climb in crude oil prices prior to the anticipated peak and reversal. Should such a reversal occur from the vicinity of $97 to $102, then based on this chart, on a weekly basis, a 9-10 year bull market high in oil prices will be established, after which crude should enter a "corrective phase" that could last many months to 3-4 years (in relation to the 9-10 year bull market), and which has a minimum target zone of $78-$75, and then $67-$63. In other words, crude oil prices are nearing a major peak after a 9-year bull market.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!