Monday, April 24, 2017

Lights Out For Oil

Despite OPEC seemingly pointing to extending production cuts and geo-political concerns with North Korea, oil (NYSEARCA:USO) has been dropping. Besides shale's production levels, the slowing economy is likely removing support. There is nearby support below at $48. The problem is a break of $48 could be lights out for oil lower.

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Pro Trader's "Daily": Performance Since Launch Jan 17th, 2017 Through April 20th: SPY+3.9%, USO + 8.4%, GLD +2.5%
Disclaimer:
ETFs reported by Elazar Advisors, LLC are guided by our daily, weekly and monthly methodologies. We have a daily overlay which changes more frequently which is reported to our premium members and could differ from the above report.

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