Mark Fisher, one of the best-known traders in the world and author of the book The Logical Trader, thinks crude oil is a good buy right now.
“I think it’s worth trying to pick a bottom and test the long side,” Fisher said on CNBC’s “Futures Now” last week.
“Everyone is just bearish,” Fisher said. “The whole universe is bearish … but I’d wait a couple more days just to inflict a little more pain on the longs before taking a stab.”
Crude topped at $112 per barrel on August 28 on the Nymex and dropped more than 15 percent since then, closing last week at at $94.69, near its lows since early June.
Fisher told CNBC, “I’m under the belief that you should be a buyer below $95 and a seller above $115, because I think we’re stuck in a range,” Fisher said. “And obviously I think that this market going down is giving you an opportunity to get long.”