Has crude oil bottomed out? That's the question on investors minds today as this market has moved up close to 10% in just the past few days. I have been warning of a rally based on the positive divergences I saw on the daily charts and the fact that the end of January marked the seventh month in a row that crude oil had closed lower.
Whether this is a dead cat bounce or a reversal of major proportions in the oil patch sector remains to be seen. Certainly, the market is getting close to making some major technical reversal signals and should they kick in I will, of course, follow them. What often happens with prolonged market trends whether they are on the upside or downside they tend to lull traders and investors to sleep who are expecting to see more of the same.
In today's video, I'll be looking at crude oil (CL.H15.E) and sharing with you the exact point where crude will reverse its downward trend and start a new bull trend. Whether this will be a dead cat bounce, meaning just a short covering rally or a true reversal to the upside remains to be seen. I'll be examining both scenarios in today.
Once again, gold (FOREX:XAUUSDO) has recaptured its bullish mantle with all the Trade Triangles in a positive mode indicating a resumption of the uptrend. The target for gold is the $1340 level.
Lastly, I will be looking at a stock that I think can have a quick move to the upside but only if one key level is taken out. I'll share with you this key level and why I think it is so important for the health of this stock. Should this key level be broken today, I'll share with you the upside target for this mystery stock.
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
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