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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (16182)	3/4/2016 12:33:13 PM
From: Goose94	Respond to of 202931

Uptrend Still in Place despite Quiet Day in Crude Aside from a quick rally that was followed by a quick selloff shortly thereafter, crude oil was very quiet today, closing down by only nine cents. The move higher, while short lived, did print a new high for the contract at $35.32. Just prior to the move, we saw some buying off the trend line drawn from the February 11th low of $28.74. While concerns about a glut on the supply side have taken us all the way down to these levels, new threats of production cuts have started to threaten that fundamental factor. Many of the bigger oil producers seem to be on board to at least discuss the possibility of slowing things down a bit, but nothing has been set in stone as of yet. Regardless of whether or not anything comes of all this talk, traders seem to have decided that $30 crude is a bargain. It will be interesting to see what kind of legs this rally still has, but I would not be surprised to see a nice squeeze to the upside before this is over. Prior to the most recent down trend in the April contract, we saw it top out at $36.28 in late January. Looking at the chart, I don’t see a lot of reasons why we shouldn’t see a test of that level.