Tuesday, June 28, 2011
(Chart 1 - WTI Crude 60 min)
(Chart 2 - WTI Crude Daily)
92.25 is a very important level. Today we rallied into 92.19 and couldnt get over it.
Last few hrs on the 60 min chart have very long upper wicks on the candles when it gets near 92.25, indicating continued selling interest at that level.
On the daily chart, 92.25 is also near the low line of the old bearish channel we were in (magenta channel).
I shorted oil here and look for a move back to 90 initially and ultimately a target of 87.50 is very feasible.