NYMEX Crude Oil Warns That the Recovery Rally has Ended

Crude Oil-- Here we go again?  Oil has reversed sharply from near 70.00-- my preferred secondary upside recovery target level prior to the resumption of acute weakness off of the July high at 74.35.

From the perspective of an Inverted Cup & Handle pattern (Dome and Igloo), Oil should be on the verge of a significant breakdown, especially if it closes under 68.40... Last is 68.60/61

7 27 18 Crude 130 GIF
7 27 18 Crude 130 GIF
  • 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!