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Chartwhiz Crude/Products Report |
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By Jeremy Ascher
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August 16, 2011
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September Crude Oil:Crude oil rallied on Monday to hit the 50% retracement mark of the 10062 to 7571 Bear trend at 8815 before closing up $2.50 at 8788. Profit taking has kicked in overnight off of the 50% mark signaling for a Flat to Lower bias today which will become moderately Bearish below the 8675-8650 S1 Support level.
A mild sell rallies bias is suggested against listed R1 and R2 Resistance zones with Stops suggested 16 cents above each respective zone. Trade penetrating 8650 will open the door for drives to 8550-8500 S2 and 8440-8400 S3 Support zones. A punch through 8400 aims at the extended Bear target for today placed at 8300-8285 S4 lower Support.
On the upside, trade holding 8675-8650 S1 Pivot Support can be bought into with Stops suggested below 8635. Cover on rallies to 8700-8737 R1 to 8788-8815 R2 Resistance targets. The upside flip above 8815 renews Bull forces launching rallies to 8900 R3 to 8961-9000 R4. Otherwise, only mild buying against lower listed Supports is suggested with Stops placed 16 cents below each respective zone.
Daily Chart:
 Click on image to enlarge!
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