Traders became skeptical

September Crude oil - Crude oil fluctuated as energies traders became skeptical that consumption would rebound before the year’s end. According to an energy consulting firm in New Canaan, Connecticut, “There’s not a strong enough move in either the Dow or the dollar to sustain rising prices.” Looking at the chart, I can see Crude posted a low near the July 15 reversal date, followed by a three-day rally into the 20-day MA. The reaction cycle suggests one more drop in the Crude is needed to complete the full cycle. Sell the Crude oil at 64.05 stop, with a protective stop above the new pivot high.

September Crude Oil