Crude Oil Outlook

Note: This article was originally published on 15 August 2011 on Wavetimes Blog and is linked to my book “Five Waves to Financial Freedom.”

Hello folks, it has been a busy few weeks as I spent all my evenings putting together my book. It's almost done now! In between, I noticed that crude oil came quite close to the target of $71. Remember, we have been bearish on this since it was around $110? (When some leading investment banks were calling it to $150.)

The outlook for crude oil in the near term is for a failure between 88.10 and 89.50 and then a decline again. Hopefully, this time we will reach the target of 71 levels. Stops should be placed on two closes above 89.80. Take a look at the attached chart and stay tuned for the announcement regarding the book!