Looking for Redemption in This Commodity

[Jeff Clark's Market Minute]( Looking for Redemption in This Commodity By Jeff Clark, editor, Market Minute Oil is setting up to make another big move. It's been seven weeks since we last looked at the chart of oil. [Back then]( oil had been stuck in a relatively tight trading range for a couple of months. All of the various moving averages had come together, building up energy for a big move in one direction or the other. And, I was willing to bet on a [bullish]( move happening within just a few days. I was wrong. Recommended Link [The Secret Key To Understanding The Tech Market]( [image]( According to leading technology expert, Jeff Brown, one key thing has been the secret behind the growth of the world’s most successful tech companies… Microsoft… Apple… Amazon… Netflix… Nvidia… This same formula helped him identify the No. 1 tech stock in three of the past four years. Now, for the first time in a special event next Wednesday, October 21, at 8 p.m. ET, he’s going to reveal all the details for free. [Register now for FREE]( -- Oh sure, we got the big move right, and we got the time frame right. But, we got the direction horribly wrong. Oil broke down. The price of the gooey black stuff fell from $43 per barrel to $38 per barrel in one week. That’s a 12% drop. Since then, oil has rallied back up to $41 – where it closed on Friday. All of the various moving averages have coiled together again, and oil looks ready for another big move. And, I’m looking for a little redemption. Take a look at this chart of West Texas Intermediate Crude oil (WTIC)… Oil is trading back up near the top of its most recent trading range. If [resistance]( holds, then the price of oil is headed back down to test the [support]( line near $37 per barrel. On the other hand, if oil can break out to the upside of its trading range, then it could rally back up to the March high near $47.50. [[URGENT] Special Warning to President Trump]( From a purely technical perspective, it’s probably a coin toss as to which way oil breaks. But, with the global economy beginning to open up again, airline travel starting to come back, oil inventories steadily declining, and investor sentiment towards oil in such a pessimistic state... I prefer to take the contrarian side of the trade and bet that oil breaks higher. Either way, given how tightly all the various moving averages are coiled together, we’ll likely see a big move in oil within the next week or so. Best regards and good trading, Jeff Clark Reader Mailbag Do you agree with Jeff’s prediction that oil will break higher in the upcoming weeks? Or, do you think reopening of businesses and travel could cause it to move in the opposite direction? Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com. In Case You Missed It… [NEW Gold Interview – Not Available on CNN, Fox, or MSNBC]( Legendary investor, Doug Casey, just made a MASSIVE gold prediction... It’s so outrageous, we nearly refused to publish it. But then Doug agreed to fly 5,700 miles – from his ranch in Argentina to Aspen, Colorado – to explain everything in this exclusive interview. And what he told us left us all shocked... Our entire office is still talking about it. Doug calls it the ‘most bullish sign he’s seen in 45 years’… and shares his #1 Gold Secret – LIVE on Camera. If you’ve been waiting to profit from this massive gold boom… Now is your chance. [Watch the Interview Now (Doug’s #1 Gold Secret Revealed).]( [image]( Get Instant Access Click to read these free reports and automatically sign up for daily research. [image]( [The Gold Investor's Guide]( [image]( [Trading Basics: Two Building Blocks Every Trader MUST Know]( [image]( [Free Report: America's #1 Portfolio Protection Plan]( [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2020 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](