Tuesday, May 24, 2011

WTI Crude Future End Of Day Macro Charts 5/24

All the shit blowing up in the Middle East.
Oil is a no-brainer buy right here right?
This guy doesn't think so.

But enough about the fundamentals. Lets go to the important stuff, AKA the charts.

After crude crapped itself from 114+ down to 95 it found a nice little range here of about 5-10 dollars off those lows. There is a bonanza of support at 95: Channels, Fibbonacci retracements, previous important daily gaps, etc. However, it also has good resistance now from 100-105. As previously posted yesterday by Sandwich Heavy Investor here on DCB, we think crude is going to crack that 95 resistance and fall to 85-90 in the next few weeks.

(Note: I bought DTO (2x bear WTI Crude ETN) when the crude hit 100 (per yesterday's advice by Sandwich Heavy Investor in his WTI post). I still have it on.

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