OIL ON THE ROPES
We have a cycle low for crude oil by Friday. The market is tanking today with hopes that the Iran deal will go through. Patterns on crude oil futures suggest a move to 85.00 or 84.05 but lower numbers to 81.50 are possible. We do expect a bounce for 3-4 weeks once this week’s low comes in but this probably is not the final bottom as the Biden administration wants gas prices to be normal by the time midterms come. Oil stocks and Oil ETF are due for a retracement also with the XLE and XOP ETF and they may be worth a short-term buy for 3-4 weeks.
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