for 3 sessions the /cl oil fut has found support 67.60
this was a tough level to cut through but today it did it and
everyone headed for the exit at once.
there is good support here around 65.50 but I believe we will
retrace most of the move off of 59.52 to 69.05.....by most I
believe 61 area before we begin to churn around again.
However, all of this I believe is tied to the dollar. As
long as the eur/usd closed below 1.41 and continues to move back we
should see oil play out towards 60. For now I am short from
the 67.50 break and I plan to add shorts on a potential bounce back
up to a fib level....have to see where it bottoms for today then
determine the short entry for the overnight session.
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Posted by corbincj on 3rd of Jun 2009 at 01:30 pm
for 3 sessions the /cl oil fut has found support 67.60 this was a tough level to cut through but today it did it and everyone headed for the exit at once.
there is good support here around 65.50 but I believe we will retrace most of the move off of 59.52 to 69.05.....by most I believe 61 area before we begin to churn around again.
However, all of this I believe is tied to the dollar. As long as the eur/usd closed below 1.41 and continues to move back we should see oil play out towards 60. For now I am short from the 67.50 break and I plan to add shorts on a potential bounce back up to a fib level....have to see where it bottoms for today then determine the short entry for the overnight session.