Crude Oil burnt out
Seldom post about Crude Oil but this is too obvious to miss and a very good learning point...
You see, Crude (and Energy) has recently been on fire (almost literally) with the rise of Crude oil due to many factors in recent months. The thing is, warning signs appear to tell of a retracement pullback, or even end of bull run.
The Weekly chart kindly heads up with long upper tails above 61.50. The RPM clearly warns of a pull back too. Net interest from Non-Commercials are not increasing as it was in early Nov, and the Top 8 Traders appear to be going more Net short.
Perhaps the daily chart (right panel) shows it clearer... with a marubozu-doji-reversed marubozu top pattern, and technicals to boot where RPM has crossed down, and MACD cross down after a bearish divergence flatline.
Something is clearly about to change... the party is almost done.
You see, Crude (and Energy) has recently been on fire (almost literally) with the rise of Crude oil due to many factors in recent months. The thing is, warning signs appear to tell of a retracement pullback, or even end of bull run.
The Weekly chart kindly heads up with long upper tails above 61.50. The RPM clearly warns of a pull back too. Net interest from Non-Commercials are not increasing as it was in early Nov, and the Top 8 Traders appear to be going more Net short.
Perhaps the daily chart (right panel) shows it clearer... with a marubozu-doji-reversed marubozu top pattern, and technicals to boot where RPM has crossed down, and MACD cross down after a bearish divergence flatline.
Something is clearly about to change... the party is almost done.
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