I have two charts here, the first is the daily chart and the second is a weekly chart.
What I want you to notice on the daily chart is the evening start pattern that was completed yesterday and confirmed today. This pattern has very bearish implications for the crude oil market.
The Weekly chart below has its analysis right on the chart and trust me when I say that my take on the Petrol Complex puts me in about the 2% minority for my outlook. Most continue to think that the world has entered a new era of higher gas and oil prices and the low end of this range is $50. As you can see I disagree!! Does anybody remember the last time we entered a supposed New Era and Traditional valuation Modules were considered outdated and of no value.
TECH BUBBLE!!
It is going to be very interesting to see what Crude does from this point forward.
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