I have been following spot crude for decades, trading it on occasion when the chart dictates. I called a short on crude oil when it kissed $52 per barrel based on a 100% move off the lows, $50 even number resistance, overly bullish sentiment and a plethera of other technical indicators. I rode it down, profiting nicely, taking my profits at $45.00.

How crazy is it that when crude oil was tradnig below $30 per barrel, analysts were calling for $20 oil. Then when it rallied to $52 per barrel, analysts were calling for $60-$70 crude oil. Insane right? Let that be a lesson, always go the opposite direction of the crowd/analysts as long as the charts confirm it.

The bottom line is, crude oil will have a technical bounce for a couple weeks soon. The key level I have isolated on the chart is $41.30. This is fast approaching. While I think crude oil falls lower longer term, there will be a trade opportunity to buy at $41.30.

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By Pro-Trader

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