We Have to Be Patient With Oil

Oil prices haven’t gone anywhere, but that is about to change. [Jeff Clark's Market Minute]( We Have to Be Patient With Oil By Imre Gams, analyst, Market Minute Oil still has lower to go. On November 13, [we shared a forecast for crude oil](. That forecast called for an eventual move to over $100 a barrel… But before we can get that move, oil will trade to lower prices first. Part of the November 13 forecast said that we need to see oil stabilize above its 200-period daily moving average (MA) before it launches higher. The 200-period MA is a technical indicator that records the average closing price of the market over the last 200 days. And as it turns out, crude oil has not been able to establish itself over this important indicator since November 13. At the time, oil was trading around $76. As of writing, oil is currently trading at $72. So, in over two months, oil hasn’t gone anywhere. But that’s about to change. Recommended Link [Private Invite: The World’s Most Predictable Trading Breakthrough: “Pulse”]( [image]( For the last 41 years I’ve kept a BIG secret… A one-of-a-kind system for predicting the movement of a stock BEFORE it actually happens… [Allowing anyone to double their money (on average) every single month of the year – for the last two years!]( It’s all thanks to what I believe to be the world’s most predictable trading system – “Pulse”. - Allowing you to capture returns of 106%... 267%... and 475% in ANY market condition… - [Spot hot new market trends before anyone else (like the rise of Artificial Intelligence stocks or crypto)]( - You can even IGNORE 99% of stocks… instead, just focus on stocks that are set to make BIG moves… within just days… [CLICK HERE for Details.]( -- A Compelling Signal It’s all because of an important development in crude oil’s price chart. On Friday, crude oil broke below two other important moving averages. Those are the 20- and 50-period MAs. You can think of the 200-MA as being a long-term trend indicator. The 20- and 50-MAs are great at showing us the short- and intermediate-term trends. When oil broke down on Friday, all three MAs flashed an incredibly powerful signal. That’s because oil traded below all three of those MAs. You can check this out on the chart below: [(Click here to expand image)]( This means that the short-, intermediate-, and long-term trend indicators are all on the downside. The only thing that could make this signal even more powerful would be if the 20-MA crosses below the 50-MA. As you can see on the chart, the 20-MA (blue line) is still above the 50-MA (red line). But a couple more days of selling should see this bearish crossover take place. 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. How Oil Will Find Support All of this adds up to one logical conclusion – oil has lower to go before finding support. Support is an area on a price chart where buyers have previously stepped in. If we look at another chart below, we can see that buyers have historically stepped back into the market around $67. [(Click here to expand image)]( The last two times oil has traded down to around $67 were back in March and June of 2023. In both instances, oil went soaring. The latest rally from June saw oil spike over 40%. That’s why we want to keep a close eye on this price level. If oil trades lower to meet it… it would be wise to close any short positions. If history is any guide, we could see another strong bullish reaction. Happy trading, [Signature] Imre Gams Analyst, Market Minute IN CASE YOU MISSED IT… [Google millionaire reveals #1 AI stock recommendation]( The name of the man in the picture below is Colin Tedards. Google paid him over $1.5 million in 2022. [(Click here for tax documents proving payment).]( And based on his knowledge of how Google works, he’s just released details on his new #1 AI stock recommendation. It’s a company that’s supplying Google with a key piece of technology for their new AI project. And Colin says that as Google rolls out this new AI project, this little-known supplier could skyrocket. [Click here for the full story.]( [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. 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