Wednesday, December 7, 2016 Morning Crude Comments from MB

Crude now having trouble with the $51.00 handle, increasing the likelihood we get a test of the $50.00 psyschological/technical level today. Given the EIA # today, going to have to widen entry criteria at least somewhat depending on volatility.

My ideas for the day do not include holding any position into the 9:30 # without a break even stop. However, a first hour (8:00-9:00 cst) or 10:30 - later test of $50.00 I like buying risking .15 to make .45. I’d also attempt to buy $49.70 anytime today, risking .25 to make .75.

From the sell side, I like selling $51.00 and adding at $51.20, risking .25 on the ave, while targeting .75.

$51.25 (***) TGT 3 + Strong Resist

$51.00 (**) TGT 2 + Stronger Resist

$50.75 (*) First Higher Target + Some Resist

$50.50 (*) Early Pivot

$50.20 (*) First Lower Target

$50.00 (**) Second Target + Support

$49.70 (**) Thirdy Target + Support

$49.10 (***)



All the best;

Michael Blythe
Futures Strategist
Hamzei Analytics, LLC