Wednesday, November 30, 2016

Wednesday, November 30, 2016 #PreMarket Morning Crude Oil Comments from MB

Wednesday, November 30, 2016 #PreMarket Morning Crude Oil Comments from MBSocialTwist Tell-a-Friend

Hello, the crude oil market is subject to headline rumor and fact today, overall I am disinterested with micro levels and am trying to look at the larger picture. With a $4 buck bounce since yesterday midday, its hard to take this market extremely seriously. However, I think the best opportunity will be when/if buy the rumor becomes sell the news. $49.20 from last Tuesday almost printed this morning, seems to be an area to lean on for a pivot through this week. I lean toward selling below.

$52.00 (***)

$50.00 (**) Weekly Target Above Pivot + some psychological resistance

$49.20 (***) Pivotal

$47.20 (*) If short below $49.00, I’d target here initially

$46.25 (**) Target on runner

** I don’t mean to be so biased, typically I make every attempt to refrain, however, I wouldn’t be buying here although it can certainly go higher, but I see risk/reward better for a sell the news**

All the best;

Michael Blythe
Futures Strategist
Hamzei Analytics, LLC

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