The last three times oil did this, it saw a big rally (via optionsaction)
So-called black gold has fallen about 7% from its late-April high, but top technician and "Options Action" trader Carter Worth said the oil rush is about to be back on.
"We've come back to an inherently very difficult level," Worth said Friday on "Options Action," "And [oil] has stopped at that juncture, but where it has pulled back here is very orderly.As Worth noted, the current pullback is reminiscent of the last three that the rally has contended with "It's really all fairly orderly, and a natural kind of thing to have these give-backs along the way," said Worth. "My bet is that we're going to respond [at this key level] yet again.""It's normal to back-and-fill after [reaching] where overhead supply is. We're dealing with the overhead supply, and I think you get your next rebound here."
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