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Hello. Crude oil futures been holding the $50 handle as a floor, thus leading to higher prices.
I like buying the $51.10 level, risking .25 to make .50 or selling $52.85 (the halfway marking beween $52.70 and $53.00) risking .25 to make .75
$53.00 (***)
$52.70 (**) TGT 3 + Resist
$52.40 (*) TGT 2 + Some Resist
$52.10 (*) First Higher Target
$51.80 (*) Early Pivot
$51.40 (*) First Lower Target + Small Support
$51.10 (*) TGT 2 + Small Support
$50.20 (**)
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
Weakness continuing in the fixed income futures markets overnight, hard to turn the bonds around ahead of the FOMC meeting. This week’s calendar is busy, but nothing that will be a big heavy hitter, as we start to anticipate next week’s meeting.
I like buying 149’14 with smaller size risking 8 ticks to make 16 (minimum) or shorting 150’24 with smaller size and adding at 151’02, risking 12 ticks on the average to make a full 32 tick handle.
151’20 (***)
151’02 (***) TGT 2 + Stronger Resist
150’24 (**) Target above the pivot + Some Resist
150’11 (*) Early Pivot – sets bias
149’22 (*) First Target Below + Some Support
149’14 (**) TGT 2 + Stronger Support = worth a buy with smaller size
148’31 (***)
All the best;
Michael Blythe
Futures Strategist
