Friday, June 3, 2011

Crude Oil (CL) Struggling to break support 6/3

Crude oil hourly chart on the left has shown some problems getting through a major support zone (@98.20-98-40) for the last couple days even with lots of bearish news coming out. If you have been short already this might be a good time to pull some off as there is a good chance this will hold. If we can finish in the low 99's I think we will eventually break through this support next week, but if we have another strong finish like yesterday, than be weary and light on any short position.

Silver to Make Leg Lower? (Update) 6:53AM CST 6/3

(Chart 1 - Silver daily zoom)
(Chart 2 - Silver daily)
In this post here yesterday here is what I said silver about going down for the near term.

"Dont sell here if you are conservative
Just keep this in mind for if it breaks lower then comes back up to the blue channel line (6/2)"

3560 is the bottom of the blue up channel
3555 is low of yesterday

We are currently at 3558 at 6:53AM CST

I think its a sell with the current risk and profit and pyramiding discussed in that past post linked above.