Wednesday, May 25, 2011

Crude Oil (CL) End of Day Report 5/25

I said in an earlier post this was gonna be the day to see where crude was headed, and it looks like it might have decided its to the upside. I still hold out some hope after seeing multiple shooting star candles being formed off the previous peak @ 101.45 that this may be headed downwards, however I feel much less certain. Again, if you've held on to a short this long, I don't think there is any reason to dump till we see it break into the 102 area, but be ready to pull the trigger. At this point though, if you have been looking to get long oil, this might just be that opportunity, especially if we get any downward movement to the 100-99.5 area during tomorrows session.

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