Is Oil Preparing to Head Lower?

Sorry for the lack of posts in the last week, I’ve been staying pretty busy. Although apparently not as busy as Josh Brown and Phil Pearlman, props to both in their new endeavors. I wish Josh and Phil much success.

Today, via my TraderPlanet article, I want to take a look at the recent break down in crude oil ($CL_F).

Here’s a piece:

Well it seems the risk, for the time being, out of Syria has been diminished which has helped calm the oil market. While Syria only accounts for approximately 0.2% of the global oil production, any threat out of the Middle East tends to cause the oil market to spike. So does the resolution in Syria mean we are in for lower prices? Let’s see what the charts say….

The recent price action involves a momentum divergence, failed resistance and a breakdown of support. Put it all together and you have an interesting setup – sans any breaking news out of the Middle East.

Source: Is Oil Preparing To Head Lower? (TraderPlanet)

Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+, Twitter, and StockTwits.

About Andrew Thrasher, CMT

Andrew Thrasher, CMT is a Portfolio Manager for Financial Enhancement Group, LLC, an asset management firm in Central Indiana and founder of Thrasher Analytics, an independent financial market research firm. He specializes in technical analysis as well as macro economic developments.