Oil’s Trendline

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Greetings from my undisclosed tropical paradise location. As I gaze out upon the palm trees, nearby islands, and churning waves, and I am reminded again how I’m not really wired for relaxation. The presence of WiFi and SlopeCharts gives me sustenance in a place where saner people lay on the beach and drink rum-based refreshments. (On that note, I have been sober as a judge during this outing, as they drive on the left side of the road here, and I want 100% of my senses available to me at all times).

So on that note, I will say that crude oil seems (hopefully…..) to be obeying its descending trendline. It had a very modest overshoot during the past session, but we’ll see if that really matters or not. Sometimes it does. In the case of gold, I chose to ignore its own small violation on the trendline, and that was a grievous error. Thus, I am more respectful of such things, understanding that, well, a violation is a violation, and it may mean something.

0727-crude

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