I’ve been watching Crude Oil closely as many of you have, and I wanted to share a new video by Adam Hewison on the Crude Oil market entitled “Can the US Survive $80 Oil?”
In a way, Hewison begs the question as to whether or not he sees a reversal up in Crude Oil (as I mentioned in a prior post entitled “Daily Look at Crude Oil Developing Reversal“. He goes a little further than I did and sets possible targets using Fibonacci Retracements and gives a little background on that tool. He even goes beyond that and ponders what is likely to happen to the S&P 500 (and economy) if Crude Oil really does make it up to $80 per barrel - “Can we handle it?” - he asks.
Here is a chart from his video that shows not only the recently generated buy signal (from Market Club’s “Trade Triangle Technology”), but also an overlay of a Fibonacci retracement from the high to the low.
(Clicking the Chart opens the video to view)
Whether or not Crude Oil reverses from these levels, the risk/reward ratio is favorable, in that if Crude does go up to test a Fibonacci retracement, then it would yield much more profit than the obvious level to place a stop (beneath the price lows near $35 per barrel).
I always recommend the Market Club (I’m an affiliate member) because Adam (and staff) stays on top of real-time market developments and they provide members with commentaries, videos like this, education, and proprietary (mainly trend following) charting signals that combine multiple timeframes for the actual trading decision.
Always conduct your own analysis before making any trading decisions.
Corey Rosenbloom
Afraid to Trade.com
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