Oil Is Bouncing Back To Some Resistance
- Posted by TheArmoTrader
- on March 12th, 2013
As I said a little less than a month ago, I was waiting for oil to resolve to one side or the other. I expected 90 quickly if 95 broke. We got that and now oil ($CL_F) is bouncing back. I am looking for a hold/stall around $93 in order to possibly put on a short WTI oil (via $UCO) swing trade.
I will be looking at $93.10 ish (not the cleanest level but did hold late last month), and if that doesn’t hold, $95 as my main levels of resistance. There is a possibility oil starts to roll over right here, but I just do not like the risk/reward ratio shorting near $92. If oil starts rolling over again, I will be looking for $89.60 to break quickly. If that happens, I’d be looking at the $85 ish level for possible support. Of course, as usual, I will have and respect my stop, and will likely scale in and out.
$CL_F - WTI Light, Sweet Crude Oil Futures
(Note: Hourly chart, click to embiggen)
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Jerry Khachoyan is currently an undergraduate student at UCLA pursuing a degree in Political Science. He started trading in September of 2008. He concentrates on using technical analysis and reading the tape to enter the best risk/reward trades. The stock market to him is one of the greatest inventions by man.
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