Wednesday, December 14, 2016 Morning Crude Comments from MB
Hello. Volume is still in the Jan CL future so I am continuing to use that. Crude seems to be lingering lower to fill the gap from Friday’s close. This market is technically bullish, as well as fundamentally and seasonally bullish (short term, with some variations). Crude could be vulnerable to some excitement today with EIA # and FOMC.
Only place I am looking to buy is $51.50, risking .25 to make $1.00. I like selling $53.10, risking .20 to make .50
$53.40 (***) TGT 5 + Resist
$53.20 (**) TGT 4 + Resist
$53.00 (**) Third Higher TGT + Resist
$52.80 (*) Second TGT + Small Resist
$52.53 (**) First Higher Target + Some Resist + Bears Make their stand here
$52.18 (*) Early Pivot
$51.90 (*) First Lower Target + Small Support
$51.48 (***) Second TGT + Pivotal Support + Bulls can’t lose
Below $51.48 I’m watching round numbers $51.00, $50.50, $50.00 etc
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
