Tuesday, July 12, 2011

Good Entry to Sell WTI Crude? 9:25 AM CST 7/12

Here we have a 15 minute crude chart.

Crude is back at its 95 resistance.
The last 15 min bar was a strong shooting star right off of the resistance.

We also have hidden divergence with the MACD and price (see the white sloping line on MACD and price) which is confirming this peak might be a peak.

Further confirmation is the relatively high volume that bar had as well.

I sell here (95) stop at 96 and target 92.25

EDIT: Stopped out for .2% of account lost. Will stay on the crude sidelines for now

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