Crude oil is rallying nicely since it was highlighted in an NFTRH+ subscriber update
Yeah, it’s a little promo, as I don’t want the in-week NFTRH+ update aspects of the premium service to be overlooked. I believe NFTRH is the best bang for the buck out there where macro work is concerned, and Plus is a big part of that value. A weekly report AND ample updates for macro market work and trade ideas as well, like this one.
But I cannot (well, will not) simply promo the good and side step the not so good (or bad). For example, just after this update (original NFTRH+ update on Dec. 6 now public) we had another one on Corn that failed (personally, I clipped the trade at a small loss) despite what appeared to be a clear positive risk/reward from multiple angles. Show biz.
Preamble over with, here is the Crude Oil tracker (with a positive relative bias to WTI), USO up over 12% from the December 6th update (I still hold it). The update used technical support (as opposed to bullish technicals, which were not applicable at the time), seasonality and sentiment analysis to back a positive risk/reward view on this commodity.
Today, USO is still biased positive vs. WTI crude oil and nominally the daily chart is steaming upward, eyeballing a fill of the November gap down, which would come at clear resistance at 75. As it stands now, and with the goons up next week (and thus a lot of energy in the markets as the machines potentially instigate FOMC week havoc), I may consider selling it. It’s not a market in which to get caught admiring your accomplishments, lest they get reversed on the market’s ‘rotation a go-go’ routines.
A caveat to the ‘sell’ theme is the seasonal, which on average rallies from here until next October. That’s a whole lot of bull potential if the chart above takes out resistance and makes a higher high to the September 27 high. It’s interesting as well that Crude topped right when the seasonal said it should. So maybe that is another factor in favor of the seasonal going forward. Again, decision time, personally.
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