"Black Gold That Is" ? : Crude Oil Futures
John Lunney of Walsh Trading - InsideFutures.com - Wed Jan 03, 5:55PM CST

February Crude Oil

The Beverly Hillbillies striking of "black gold" elevated them to the highest of social classes. As it relates to the current state of today's crude oil market I do not believe one stands to capitalize in any grand sense by delving into a long position at these levels. On my longer term price charts (weekly) the market has reached a major geometric convergence level. Several sloping studies have intersected at +/- 61.90. Giving 75 cents of wiggles room around the level expands the upside of the zone to +/- 62.65 ( using 1/3 of a weekly 14 period ATR). This coincides with what I have labeled as a prior 4th wave extreme established in the late spring of 2015. A natural resistance level as explained by the Elliott Wave Principle. I am not proposing any implementation of a short position but am rather expressing a viewpoint. In regards to that I reside in the camp of waiting for further evidence. A big part of the trading process to me is stalking the trade. Someone once said "patience is a virtue". Please follow my postings as I plan to carefully monitor future price action to be on the lookout for the next big opportunity.

My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. I welcome you to contact me at Walsh Trading to discuss my assessment of this and any other market.

John Lunney

Senior Technical Analyst

Walsh Trading

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