Sorry for the lack of posts in the last week, I’ve been staying pretty busy. Although apparently not as busy as Josh Brown and Phil Pearlman, props to both in their new endeavors. I wish Josh and Phil much success.
Today, via my TraderPlanet article, I want to take a look at the recent break down in crude oil ($CL_F).
Here’s a piece:
Well it seems the risk, for the time being, out of Syria has been diminished which has helped calm the oil market. While Syria only accounts for approximately 0.2% of the global oil production, any threat out of the Middle East tends to cause the oil market to spike. So does the resolution in Syria mean we are in for lower prices? Let’s see what the charts say….
The recent price action involves a momentum divergence, failed resistance and a breakdown of support. Put it all together and you have an interesting setup – sans any breaking news out of the Middle East.
Source: Is Oil Preparing To Head Lower? (TraderPlanet)
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