Where’s Crude Headed To?
- Posted by TheArmoTrader
- on August 23rd, 2013
WTI Crude Oil has had a decent year so far (+14.5% YTD). After being range-bound for a very long time, it finally broke out in June. However, after the breakout, crude has been in a mini-range for the past 2 months. Which way is it headed?
After the breakout above the 98-100 level, Crude tested 109 and since has been range bound (again). What you want to see is a break and hold above or below the range. While the 50 day moving average could provide support here and cause crude to head higher, a break below 102.50-103 could trigger a lot of stops and send this baby back down to that 100 level. A break above 108.50-109, and we could see levels in WTI Oil that we have not seen in awhile (110 would be the most immediate resistance, which was the 20102 high and then 114-115 which was the 2011 high). Just keep an eye out for a move one way or the other!
$CL_F - Light, Sweet Crude Oil Futures Daily chart
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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