3 thoughts on “CHART OF THE DAY

  1. John

    I drew a chart of my own and it shows a completely different story. In-fact it shows oil in a beautiful up-channel that goes back to December; the current price is now touching the bottom of the channel line and is oversold. Buy signal.

  2. gary Post author

    I usually like to wait for at least a swing before I try to catch a falling knife. Generally these intermediate declines don’t end until sentiment moves to bearish extremes. At the moment it’s about neutral. Typically an asset has to break a major trend line to wash out the technical traders before it can turn and go back up.

    So I expect there are a lot of traders just like you watching that channel. Oil will probably have to take out all the channel buyers before it bottoms. As a matter of fact it’s already begun. You might want to stay patient for a while longer.

    1. John

      Just re-listened to the Korelin show on Monday. You specifically said you expected a correction down to $1280- $1300. Instead, we are now $42 higher than the $1300. and now your going to sit here and tell me you played it perfectly?? Whatever.

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