Tuesday, June 7, 2011

WTI Crude Oil - Bullish Channel Downward Break 7:00AM CST 6/7

(Chart 1 - Crude oil daily chart zoomed)
(Chart 2 - Crude oil daily chart)

Having rejected 100 yesterday and sold hard into and just through the light blue up channel, we have the high of the current session at just under this light blue channel line.

This line will now be ultimate resistance for crude shorts
any close back into this channel and the shorts need to cover I would say.

I would target 95.50

(Note: I am looking to add to my current short crude exposure if it rallys at all near this 99-100 level today)

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