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Crude Oil Momentum Warns Of Coming Upward Reversal (Video)

|Includes:iPath S&P Crude Oil Total Return Index ETN (OIL), OILC, USO, XLE, XOM

By Chris Diodato -

Today's price action in oil was not surprising. It was a 61.8% retracement of the past ten day's up move. That's great, but does it continue lower, or start a new up trend? As I watch the internals, momentum is beginning to show that a bullish reversal may be in the works. Will there actually be peace in the Middle East come a month from today? Take a look at this YouTube video (clickable) to see the analysis on my computer screen.

Happy trading!

~Chris Diodato

Disclosure: I am long XLE.