Update on Oil: Sep 8, 2015

Although I post CL charts almost every day in our daily updates, a reader pointed out that it’s been a while since we looked at the big picture.   We called the March bottom very accurately [see: Mar 17 Update on Oil], but we were a few days early on last month’s lows [Aug 19 vs Aug 24, see: Oil Bottoms Out.]

Our upside target of the falling white channel midline, however, was right on the money.2015-09-07 CL daily 0600Every channel midline tag raises the question of a reversal or breakout.  In this case, it’s all up to the BoJ.

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