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)
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
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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