Wednesday, May 25, 2011

Crude Oil (CL)'s big decision finally upon us 5/25

It looks like crude oil is finally gonna make up its mind today, and for a while now I thought surely it would be to the downside. I think how this day finishes and tomorrow's overnight session will determine which way we go. I feel that if this break of the trendline in yellow holds to the upside, we have a good shot of going higher and staying in the low 100's (I still wouldn't be convinced of us going to new yearly highs). This said, it would not be the first time intra-day I've seen a false breakout one way only to eat up stops placed and end up in a giant shooting star and head back for where you thought it was going. If you're still short and have the capital to hold through this heat, I would wait the day out. I believe oil is who I thought it was to begin with and this will be a fakeout, but I sure as hell wouldn't think that if we close here.

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