Crude Oil Daily Chart Update

This is the December contract with moving averages showing. The golden cross didn’t last too long and we are still in the spell of a death cross. We could dip into another death cross so that makes it a pretty bearish scenario at this time.

The spike at my “B” wave top was a small double top which should hold until oil visits $50 again.  A flat inside a “B” wave could send oil to a screeching stop at $50, joining the other two obvious spikes.

We are looking at a Gold/Oil Ratio of 26.85 which is not all that bad, but this ratio should spread in the next few months if this bearish trend continues.

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