Is Crude Oil Bottoming?
Simit Patel | Aug 04, 2015 11:40AM ET
Of the past 21 weeks, crude oil spent 7 weeks rising, 8 weeks in a tight range and it's now in the midst of its 6th straight down week. It is also almost right back at where it started. The chart below illustrates.
In terms of time and price, we have an interesting case of symmetry. Does this mean price will bottom in about a week or so, perhaps at the $44 level?
Personally I'm long at just above $44, though I'm saving capital to add at around $33 if price falls to that level.
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