Market news just seems to be building against crude this week. The Mexican Flu outbreak, the stronger dollar and the SP 500 trending lower all are weighing heavily on crude oil. We appear to be range bound in the 48-53 range for now and while the future seems bearish for oil traders they appear more than willing to pile in long when meeting support.
For Tuesday we need to touch 48 for me to start building a scalp/long day trade position. Under 47 we go 100% long. In this market I will be 100% out if we rally any where near 1st resistance at 51.69
Tuesday's pivot point, our line in the sand is 49.85
1st resistance is 51.69
2nd resistance is 53.29
1st support is 48.25
2nd support is 46.41
Market news to watch for.................
4:30 PM ET. Apr 2...API Oil Industry Report
....................Crude Stocks (Net Change) (previous -1.01M)
....................Gasoline Stocks (Net Change) (previous +107K)
....................Distillate Stocks (Net Change) (previous +458K)
....................Refinery Runs (previous 82.1%)
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