Epic Level On Crude Tagged At $47.30

Spot crude collapsed again today, hitting a low of 47.28/bbl. Based on an epic trend line and pivot support, pro traders are buying oil here for a lengthy bounce. Note the chart below. Oil was trading north of 777/BBL just a few months ago, now down almost 40%. This level should yield the first multi-month bounce in crude. Oil could see a move as high as 660/BBL over this period.


USOIL

Gareth Soloway
InTheMoneyStocks