Update 2-4-22 – From Original 11-23-21 Post – Crude Oil Top or, $100 Next?

February 4, 2022-9:05 am traderscott The Entry Points Market Blog 0

Read the post below from 11/23/21 where I discussed $100 oil yes, but lower first at that time. I was wrong about the extent of the selloff but correct in saying to use the selloff to be buying or watching the oil stocks. Oil today 2/4 is surging again heading to $100 and I’m long several oil stocks. They are the #1 group in the market, almost nothing is working in this environment tho. BUT – This is a stock market bear and a dangerous market. Will update with charts later.

 

 

As I’ve discussed numerous times, commodities are in a multi-year bull market, and crude is heading over $100 and beyond. In September I gave a prescient call for the massive bko in oil right before the bko. But after the big rally, right into the highs at $84, I gave a warning to be very careful with oil, and it is headed back to and below $77. There we will see the next big low in oil, and $100 coming next year. It is all discussed right in the charts. The oil shares in a huge bull market. Big accumulation areas and numerous bkos. I have an oil stock list, do you?:

 

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About traderscott 1146 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

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