Another Head Fake, or the Makings of an Epic Trade?

[Jeff Clark's Market Minute]( Another Head Fake, or the Makings of an Epic Trade? By Jeff Clark, editor, Market Minute So far, crude oil is following our script. On October 16, we made a [three-stage forecast for the price of oil](. Stage 1 was a short-term rally from $84 to around $88. That’s exactly what happened just four days later. Stage 2 was a sell-off in oil that would take prices to a minimum target around $77. As of writing, oil has dropped as low as $74.91. Stage 3 is where we find ourselves now. I believe we’ll see prices rebound sharply, eventually taking out the September 28 highs of $95. Before oil can rally, however, it must first find a true bottom. That hasn’t happened quite yet… and oil could fall even further before it stabilizes. But at this stage of oil’s price cycle, the risk is starting to skew to the upside. That means oil likely has more room to trade higher than it does to continue selling off. Whether oil finds support around $75 or $70 doesn’t change the last stage of my forecast. Oil is still likely to test $100 over the next several weeks. Recommended Link [Viral video about Tesla driving 752 miles on a single charge]( A prototype Tesla is sending shockwaves through the auto industry: It drove 752 miles… across the ENTIRE state of Michigan… On a single battery charge! [image]( The secret? A new type of battery I call “Forever Lithium.” Musk was so blown away… That, within a month, he announced his entire fleet would be switching to this battery. And that “Forever Lithium” will “emerge as the dominant chemistry for Tesla.” You don’t need to own an EV now or plan to buy one to profit from this switch. Because a few miles south of this experiment… An [obscure Indiana firm]( is now positioned to mint more millionaires than the rise of Tesla. They’ve inked a deal to produce “Forever Lithium” inside a new $3 billion battery facility. And investors who take a stake now could be richly rewarded. [Click here for the full video report.]( -- From a technical perspective, the market is starting to show signs of life. Check out the chart of oil below: [(Click here to expand image)]( Oil has reached oversold conditions on the daily relative strength index (RSI) at the bottom of the chart. These oversold conditions happened as oil broke below the daily 200-moving average (MA). Breaking below an important indicator like the 200-MA can be a bearish sign for a market. But these indicators aren’t hard lines drawn in the sand. Trading below an indicator briefly, then popping back up above it happens all the time. With the benefit of hindsight, this is what traders call a head fake. We may be looking at such a head fake in the making right now. Especially since the break below the 200-MA coincided with the RSI hitting oversold levels. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. If oil stabilizes back above the 200-MA, that would be a strong initial sign the bottom is in. I’ll be on the lookout for additional clues that oil is continuing to stick to my script. A move back toward $100 from around current prices would make for an epic trade. Happy trading. Imre Gams Reader Mailbag Do you think oil will stabilize? Let us know at feedback@jeffclarktrader.com. IN CASE YOU MISSED IT… [Get in on this One-Stock trade for under $100]( I’ve joined the ranks of the top 1% of wealthy Americans by ignoring 99% of the entire stock market. I trade this one very special stock. I call it, “The One-Stock Retirement” because I’ve used it through every market condition and closed huge gains – time and time again. Starting with just $100, this trade has the potential to change the lives of everyday folks…maybe even yours… [Click here to watch how I do it.]( [image]( [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). © 2023 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](