November Crude oil â€“ Long from 7098 â€“ last price @ 7095 - Several sources are citing unconfirmed reports that oil producing states, like Saudi Arabia, were talking to their customers about switching payments to a currency other than the dollar, possibly the euro. So far, officials are denying the rumor.
In the last update, I said, â€œthe fundamental information is bearish, as jobs losses are mounting and oil supplies are rising. All the recent economic data is undermining the bull's oil case, but the chart patterns are saying something different to me. The market is forming a bullish TR swing pattern at the end of a 5-wave continuation pattern. Crude dipped below the 20-day SMA for a short time during the trading session, but closed above the SMA.â€ Soon after, the news story about the â€œAttack on the Dollarâ€ came out and the Crude oil began to move higher. The trigger price was reached to confirm the buy signal. Â Hold the long Crude oil, with the stop loss at 68.03.