Crude oil is set to pull back on Monday as general market sediment has us going lower today. Can crude oil continue a bullish trend as the indexes rollover? Most likely the answer is yes.
The U.S. Dollar is still our best indicator and with the dollar breaking the daily 200 EMA we expect the dollar to go lower. Also, the commercials are holding their smallest short position's in the months, it appears the overall attitude on crude oil remains bullish.
At this point most professional traders will be buying the pullbacks, we'll be doing the same. For day traders watch the weekly pivot of 56.65, very close to our 1st support of 56.94, as traders looking to go long may pile in at this level.
The pivot point for Monday, our line in the sand is 57.85
1st resistance is 59.54
2nd resistance is 60.45
3rd resistance is 62.14
1st support is 56.94
2nd support is 55.25
3rd support is 54.34
The weekly pivot point is 56.65
Today’s Stock Market Club Trading Triangles
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