Crude reached 13 months high earlier this week.
When we look on the chart you can see that Crude gave twice a false signal since its October 2020 low.
However, they corrected quickly, and the trend was still upwards.
This move starts to look overbought short term.
At GMTT we went short Crude at 60.35 with a 61.05 buy stop.
We might be a little too early which is the reason for the tight stop.
Technically we need a close below 58.90 to get a sell signal.
GMTT publishes three weekly its GMTT research report covering the following:
Global Indices, VIX, a selection of stocks, Treasury Bond, Commodities, Soft Commodities, Currencies, and Bitcoin.
Signup for a free 14-day free trial which you can subscribe to through our website: https://globalmacrotechnical.com
Crude Oil Feb 17 2021
