Author Archives: Strawberry Blonde

Crude Oil Down 60% Since Mid-June 2014

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Crude Oil has fallen a massive 60% since mid-June 2014, as shown on the following graph.

Price today (Wednesday) fell below 43.50, which I identified in my post of June 3rd as a major support level, and closed at 42.53, as shown on the Daily chart below.

Increasing volumes are either signalling continued weakness ahead, or some buying stepping in between this level and 50.00. Since another bearish moving average Death Cross has formed recently, the first scenario may be favoured in the near term.

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The Art of “Borrowing”

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I’ve heard it said many times that we come into this world with nothing and we leave with nothing.

I learned a valuable lesson a few years ago in my move cross-country. Since I was in the process of a major downsizing following the loss of my husband several years before that, I was finding it difficult to part with a number of items that we’d accumulated over the years…as well as still grieving his passing and the passing of our two pussycats in the past several years…my “family” of four had been reduced to a family of one (me). However, I had no choice…I had to be rigorous in my approach to the move and establishing my new life.

Then I remembered something I’d learned in the past year…something that can be of benefit to each of us…that was to simply think of items that I had accumulated as items that were only meant to be borrowed and not meant to be kept for life…this same principle can also be applied to everyone we meet (and are a part of) throughout our life (friends, loved ones, spouses, partners, children, family members, pets, etc.).

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Crude Oil’s Sweet Spot

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The long-term chart below of Crude Oil shows a potential reverse Head & Shoulders pattern that has formed since the end of 2014, with a high-level tug-of-war occurring above the light green shaded area (just above a 78.6% Fibonacci retracement level and within the upper half of a declining channel) at 43.50 since mid-2016.

At the moment, we see major indecision around the 50.00 level (50 & 200-day moving averages).

A breakout and hold above the reverse H&S pattern neckline around 57.00 would be significant, inasmuch as we see a confluence of major Fibonacci, channel, and price resistance at that level. I’d call that Oil’s sweet spot.

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