Crude Oil Stock Chart Buy Alert
By Mon, Jan 27, 2020
Investors and stock traders need to listen up. The crude oil stock chart is a screaming buy for a near-term bounce. Crude oil hit key near-term technical chart support today around $52.00. In addition, this is a major time count which adds to the odds of a solid multi-day sharp bounce. Investors and stock traders have an opportunity to buy the commodity itself, ETF’s or options for the bounce. This bounce should last between 3-5 trading days and net as much as 10% on the commodity.The fall on crude oil started with tensions between the US and Iran calming and has ended with major fear of economic decline due to the coronavirus. With panic high, oil has fallen sharply and investor sentiment has swung too far to the sell side. The bounce should begin today or tomorrow.
The reason this is worth taking note of is these mega cap stocks are the leaders in the market. Two of three signaling a sell and making up 10%+ of the S&P is definitely something smart investors should be fully aware of. In addition, these stocks have surged in value and are extremely overbought on both fundamental and technical analysis. Essentially, everyone knows a correction will come, but the timing has been in question…until now.
Based on the recent run in these stocks, a 10-20% correction is likely. This could easily equate to a 10%+ correction in the stock market.
About the Author
Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial adviser but his heart was always in swing and day trading. He had this long standing belief that he could help investors make more money by advising them on shorter term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. “Why not profit during the bear markets just like the bull markets”, he said. While helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested.
