Crude Oil Hits A 6 Week Low

Crude Oil Futures---Crude oil futures are trading lower for the 6th consecutive session after settling last Friday in New York at 65.45 a barrel while currently trading at 59.90 down about $5.50 for the trading week & if you read my previous blog earlier this week I stated that if you were long a futures contract it was time to move on at the 2 week low which was around the 63.30 level as prices have absolutely collapsed.

Prices are trading right at a 6 week low now below their 20 day moving average but still above their 100 day as the trend is mixed to lower as I'm sitting on the sidelines as I have no recommendations in the energy sector as they have fallen out of bed due to the fact of the high volatility that has encompassed the U.S stock market as that is putting pressure on oil prices here in the short term.

Longer-term I'm still bullish the energy sector as I think prices will recover & head higher but it looks like prices could test major support around the $57 level so look at other markets that are beginning to trend. One bright spot is the volatility in 2018 across all sectors has increased tremendously as we had very little volatility in 2017 so there will be more opportunities as price swings are becoming dramatic on a daily basis.

TREND: MIXED---LOWER

CHART STRUCTURE: POOR

VOLATILITY---INCREASING

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