Re: August Crude/ Still in its Channel/N.Secret *PIC*

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In Response To: Re: August Crude/ Still in its Channel/STR ()

Probably a lot of politics involved into Nov with low Crude prices and a helping hand from those that can help with lower gas and oil prices. Summer time slow and choppy markets from here on can slice and dice trading accounts up and go nowhere fast. Technically the trend in Crude is decisively down but how much more if any is there left before its just another sideways channel again. Not my cup of tea but I'm sure many will make some good trades with it. Down another 87 cents tonight to 80.58. The big double bottom of October was at 77.75. I would expect a sharp bounce from there 'if tagged'. So you are looking at another $3 lower from here if caught perfectly before a bounce back. And there is always the possibility of today's breakdown being a one day wonder and a rebound back. Just don't like the odds at this point all things considered. Then again I tend to be too fussy for my own good.