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Monday, 5 January 2015

Light Crude Oil: 5 January 2014, Monday, 9.18pm Singapore Time

Light Crude Oil: 5 January 2014, Monday, 9.18pm Singapore Time
Chart courtesy of StockCharts.com


$74 will continue to hold as resistance and will continue to act as the pivot suppressing light crude oil for the long term.

As per warned of the worldwide sell-off, crude oil is merely synchronizing the trend. Its sell off is far from over yet.

Important note 1: 
It will also be for a very long term (supercycle) when we will ever see crude oil in the region of $100 again.

Three main points in this follow-up analysis:

1. Based on current technical structure, Crude Oil immediate target will be further down at $40.00 now.

2. Many people bought falling knife on oversold. They will continue to lose big money using naive indicator strategies.

3. Those who bought or invested in Crude Oil, KeppelCorp and oil-related stocks will continue to lose miserably as per warned end-2013 and early-2014 when oil was above $105.

Donovan Norfolk Technical Rating:
Bearish



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