$82 a barrel low in Crude Oil … Who Knew? Gann Knew!

Hello Traders,

Here is something that is quite fascinating … $82 a Barrel in Crude Oil in today’s trading.

$82 a Barrel in Crude Oil

$82 a barrel in Crude Oil Low … Who Knew?  Gann did even from the grave with the Gann Fan tool.  This move was worth about $18,000 per contract traded from $100.00 a barrel down to $82.00 a barrel in Crude Oil.

On my last market forecast blog post, I showed the Gann Fan showing a low of $82 a barrel in Crude Oil.

It is kind of scary how accurate this forecast was in today’s trading in the Crude Oil Market.

The monthly chart in Crude Oil continues to show weakness down to roughly $72.50 per barrel, to as low as $47.00 a barrel pushing down past the lows of $66 a barrel set back in Feb. of 2009.

With that being said, I do believe the market is due for a rebound, as we seen from price action today.  I would expect we could retrace back to at least $93 to $96 a barrel on the daily chart.

The retracement move is worth about $11,000 to $14,000 a contract traded back up depending where you get in.

 

Calvin & Hobbes

Calvin & Hobbes

Have a great weekend!

 

Good Trading,

David ‘Tiger’ Knight

 

 

About The Author

David M. Knight

I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.