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