Oil Is Bouncing Back To Some Resistance

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)

Crude Oil(Hourly)Mar11



















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