AS we go into regular trading hours on Monday crude oil is down over $3.00, near the 1st support level of $48. Common sense says that most traders will be buying these levels as we appear to be range bound in the 48 - 54 area.
The bears seem to have the technical advantage at this point and we will trade that side of crude oil. We are hesitant to play the long side here as it also looks like the SP 500 is willing to consolidate recent rally gains in the market. We will keep a close eye on the SP's ability to trade within the 830-880 level.
The U.S. dollar is also trading higher this morning further pressing on crude oil prices.
Today's pivot point, our line in the sand is 50.77
1st resistance 52.47
2nd resistance 53.46
1st support 49.78
2nd support 48.08
-
No comments:
Post a Comment