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@CL TDSEQh13 sell signal overnight

DeMark TD Sequential(TM)

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#1 Geomean

Geomean

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Posted 12 April 2017 - 08:01 AM

There was a TDSEQh13 Tom DeMark TD Sequential™sell signal print overnight in the 60 minute chart of @CL at the 1.618 extension from the 4/6 high.  Cycle wise this could mark a multi-month high.  It's doubtful anything much will happen before the inventory report this morning.  Ideally we'd see a stop hunt after the report and then a turn down. The hourly counts well as a completing v of a minute C wave that would end a larger degree A wave.

 

The @CL daily chart has printed a TD Sequential™ sell set up 9 three days ago, which while the 9 count has completed, has extended to 11 days.  A TD Analog™ sell signal printed at the close of the daily @ CL chart yesterday, 4/11.

 

So a lot of technical features suggest we are in an exhaustion zone before a multi-month decline. 

 

There is a fundamental basis for a decline too.  In the latest print issue of the Oil and Gas Journal, which I've subscribed to for years, reports that there has been a 59 Million barrel increase in US oil inventories since OPEC announced it's production cut backs in December, with inventories now being in the neighborhood of 550 Million barrels.  We have not had so much oil in storage since the depths of the Great Depression.  In addition, the frackers, who are the commercial hedgers in this market, are all in short, having hedged their drilling plans and capital outlays and production for about a year to 18 months out.

 

Geo


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