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Wacky Swings in Crude Signify...Nothing

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 20 May 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/05/Crudes-swings.jpg

June Crude reversed sharply Thursday from within 16 cents of the 47.42 Hidden Pivot support Id flagged here the night before as a good place to get long. Sounds easy, right. It wasnt. The futures initially bounced from 46.45, three cents from my number, after plummeting $2 from the previous days highs. The close-but-no-cigar low left subscribers a penny or two shy of getting aboard, according to reports in the chat room. What happened next would have challenged bulls and bears alike: The futures relapsed to 47.26, 16 cents below my target and three cents below the stop-loss that had accompanied it; then they rocketed sharply higher, on their way to a so-far recovery peak at 49.13. Intraday histrionics aside, the bigger picture is going according to plan. Ive been bullish, but with a 51.49 rally target that I regard as the upper limit of crudes dead-cat bounce from lows near $27 in February. We shall see, but in any case well attempt to short just above with as much caution as we can bring to the task. In the meantime, stick close to the chat room and my tout updates if youre hot to trade this monster. Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world. Click on the link for a free trial subscription.

 


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 -- Published: Friday, 20 May 2016 | E-Mail  | Print  | Source: GoldSeek.com

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