Thursday, June 16, 2011

Crude Oil (CL) Slow Day 6/16

A chart of the hourly crude oil shown to the left, you can see a zoom up of todays action (if you can call it that). The purple and green lines can be seen in my post from yesterday and what they are. Basically we stayed below the purple line which had provided support for the last few weeks of range trading and above the green line which is the 50% projection of the potential down move. We really saw nothing today, a few attempts to go both ways but nothing interesting and we dont think it can stay in this tiny of a range too much longer, expect a breakout one way or the other.


  1. after the evening sell off and then the rebound, what do you think oil will do today?

  2. I like selling around 9370-9420 for a move back to 92 or lower and will if market opens at these levels...

    Don't know how Sandwich feels

  3. I feel same, right in this 94.20 area is a great sell in my opinion, a break back into yesterday range and I would worry but so far it seems weve held.

  4. For what its worth I have 95.20 as ultimate resistance, but I don't see it being strong enough to get back there.
    That being said... if it does and you are short, I wouldn't panic til it is over 95.20

  5. I wouldn't panic if we got into yesterday range, i just wouldn't fade, panic was a little too much there. 96 is my resistance I would panic at, the bottom of the purple range on my charts that has so well defined these last few weeks, I don't wanna see a move up into there.

  6. Yes panic was a bit much I guess I agree w that
    96 is where you are more than likely WRONG
    We shall see