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.

Near-Term Peak in Crude Oil


Near-Term Peak in Crude Oil
By Mike Paulenoff, www.MPTrader.com

As we noted to subscribers last Thursday, classic Bollinger Band oil price behavior 99.9% of the time reverses from a puncture of either side of the band. Today's decline in crude oil and its ETF the US Oil Fund (AMEX: USO) confirms a near-term peak last week against the top Bollinger Band line, as well as the initiation of a corrective period that has an initial target zone of $137.75 along the sharply rising DMA. A sustained break of $137.75 should trigger additional weakness that points to a test of critical support at $132.00.

  • 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!