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These Charts Show Why Crude Oil Price is Headed Below $50

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Well, SlopeCharts knocked it out of the proverbial chart park yesterday morning with its oil prediction. Let’s stumble ahead into another wild-assed guess, and it is this:

In other words, once the excitement regarding this Gulf Of Tonkin Returns incident passes by, and crude oil slips under the psychologically-important $50/barrel level, we could see a lot more selling. For one thing, it seems that global demand isn’t exactly red-hot, since the economy around the global is grinding slower, in spite of what your politicians are telling you.

It’s especially interesting to me that some of the most interesting short setups out there are still energy-related, such as Apache (APA).

Like the banner says (sorry it’s a bit obscured), “USO LOWS” are what I think are coming.

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