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Crude – Is it Over? Or Just Another Fake-Out?

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CRUDE-W 1-26-2016

Crude has made a slight bounce, but it need desperately to close above $32.35 today just to pause. There is no change of a real reversal in trend here. Crude would need to closing above the $38.35 area just to hint that the low might be in place. Our timing targets are still pointing to this week/New Week. If this turns out to be a reaction high, then a rout to the downside may yet be in the cards. We have a Monthly Bearish coming into play at $36.65, $35.13, $33.30 and a key one at $30.10 followed by $28.25. So we would have to close above $36.65 to avoid a sell signal.