Thursday, August 18, 2016

Crude oil rising into the 50 percent retracement

Crude oil prices have risen again and we immediately draw everyone’s collective attention to the chart of nearby WTI crude oil, noting that crude on this rally of the past two weeks has made its way back into “The Box” marking the 50-62% retracement of the sharp bearish run that began in mid-June. Those bullish of crude would do well to pay heed to this “fact” and might wish to lighten up on their positions; those bearish might wish to take action. We, however, are recommending nothing at this point....