In last night’s issue of the TMV Swing Trade report I said, ” Crude oil traded above the prior day’s high (93.02) before the reversal date kicked in and turned the market lower. Crude continued lower for the remainder of the day and closed near the low of the daily price range. The negative reversal date occurred only three days after the March Crude oil chart formed a double top. A confirmation of the reversal date formation will trigger a sell signal. Sell Crude oil at 91.12 stop, with a stop loss above the reversal date high.
The swing trade signal was triggered overnight and the market has already reached the initial target objective at 89.50. I look for the market to find a confluence of support at the prior swing low and lower parallel line. A corrective bounce off this support will offer a new selling opportunity.
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