John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Davy Crockett who wrote (18079)	4/4/2016 4:28:09 PM
From: The Ox	4 Recommendations Read Replies (1) of 33421

I have a feeling we'll find out a lot about the crude market over the next couple of weeks. We have a few conflicting cross currents between declining exploration vs. oversupply dynamics. I'm guessing the next 2 months or so will help us gauge both sentiment and market forces. Will we test the strong support areas below $30? My guess at the moment would be yes... RSI turned down right where you'd suspect it might, especially as the price approached the 200ma. Now that the RSI is back in the low 40s, will we start to see the buyers return in the not too distant future, somewhere around the 50ma? Someone on another thread pointed out that crude has traded down for 9 straight days, which was not all the uncommon during the multi month plunge......

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