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, The Most Crowded of Trades, Drops 11% Since Last Wednesday, Finds Buyers at $48, But Not Necessarily a Significant Low
Crude Oil hit a new reaction low at $47.90 in pre-market trading, down from $53.80 on March 7 (last Tuesday), or -11%.
My near-term pattern and momentum work argue in favor of the start of a two-way market, but not the establishment of "the low."
With Crude Oil DSI at 40 as of Friday's close, we should not be surprised to see Oil press closer to $46.00-$45.00 before strong buying interest emerges...