Crude Oil Slips - Market Analysis for Oct 23rd, 2007

Crude Oil Slips
By Mike Paulenoff,

The XLE (Energy Select SPDR) has gone straight down to 73.55/50 since we managed to sell short above 74.00 in our model portfolio about 20 minutes ago. Crude oil is plunging as well, and my work is telling me that this decline is more than your run of the mill dip to buy. My near- and intermediate-term work in crude oil is warning me that prices have established a major peak at $90.07 and that the price structure already is in the midst of a significant corrective process that initially should press prices to the $81 area to test the Aug-Oct support line, likely on the way to $76-$73 thereafter.

  • 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!