Wednesday, December 14, 2016

Wednesday, December 14, 2016 Morning Crude Comments from MB

Wednesday, December 14, 2016 Morning Crude Comments from MBSocialTwist Tell-a-Friend

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

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