Thursday, December 8, 2016 Morning Crude Comments
Crude $50 gave way, intraday charts showing lower highs and lower lows, now the question is, how sufficient is a 5% pullback?
If the morning is slow to moderate in terms of volatility, I like buying $49.70 with small size, risking .25 to make .50, or selling the $50.45 price risking .25 to make .75.
$51.00 (***)
$50.75 (*)
$50.45 (**) First Higher Target + Bears need to Defend
$50.00 (**) Pivotal
$49.70 (**) First Lower Target + Support
$49.39 (*) Second Lower Target
$49.08 (*) Third TGT + Some Support
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
