7.20 am est. WTI @ $72.56 headed for $59.80

[Top Oil Trader + 469]

What is really amazing, there is so much positive news out there saying Crude will hit 80s, as so many top analysts and talking heads, are predicting, what is happening, and many are not yet awake to the fact, but crude is now collapsing. In fact its headed to $64.45 first, based on some factors I consider and this will be a slow death spiral. Why its headed there, is all based on charts. But lets start with something basic that most traders or even non traders would understand, If we assume as I say that the Crude oil Trend started at $50, then the Fibonaci 61.8% from this week highs puts Crude at $50s, but for first big target will be $59,80

Unfortunately at this point it looked like eventually Crude (WTI) would hit 80s, but once we hit $64.45, there may be enough factors to push crude even lower. So in Crude, each day must be looked at its own, for having the potential to break a previous strong trend. The Strong Crude trend which  i'm following started at $50, though Crude was lower than that. However, this Trend will now find support at $59.80. But say the trend won't break at 60s or so, then there still is a possibility that Crude could hit $80, but I will need to revisit that when we get there, first down we go.

Disclaimer, I'm not a trading adviser, or Crude adviser, the above is just my opinion. Investing in futures can be risky and you could lose all your money trading.