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As noted on the following Monthly chart, 72.00 (40% Fibonacci retracement level) could be the next major target for WTI Crude Oil.
Price briefly hit the 60.00 level today (Tuesday) and is trading above two levels of major support — 54.66 (23.6% Fib retracement level) and 48.00 (price and channel centreline support).
The sad irony of this week is that I have a relatively huge amount of time and almost nothing to write about (To describe the market as “boring” is akin to describing Mitch McConnell as “not classically handsome”; in other words, a massive understatement. Because January is going to be oh-my-God, constantly-traveling busy, and I’m sure the markets will be very interesting. Anyway, here’s another video I just cranked out, which talks about analogs and their value. I’m going to spend the rest of my day doing voiceovers for the other 21 videos.
I’m not sure how you spent your Christmas weekend, but I can tell you how I partly spent mine – – making twenty-three short informational videos about SlopeCharts (Yes, that is my idea of a vacation). I’m making all kinds of new content for the new Slope of Hope, and you can expect to see me drop in these little videos in the coming weeks partly as filler, partly to help spread the word, and partly to help people understand the product better. I’m spending my day doing the voiceover for them now, so here’s the first.
Perhaps my favorite (albeit slow-moving) analog of all time is the financials sector (symbol XLF). In spite of a market that is generally still quite strong, the financials are starting to stall and sputter. Here’s what’s been happening recently:
