Unless I get stopped out first, I plan to hold it for a few days. I believe we should retest 79-ish. If we can close above 76 today, that would bode very well for the bulls in the coming week.
interesting divergence here between oil and ES. Think I'm gonna go long es here which almost never happens. 1050 seems to obvious.
Last 2weeks you had fund buying driving it up. I believe they got out around the 80 area. The way it traded today looked like dayshift trying to run more stops but I don't think there are any stops left. So come sunday night we will see who blinks first. Im guessing the shorts. Its riskier to go short over the weekend in oil than to go long. Plus right now it seems someone is buying any chance they get.
What was with that 75.33 support this morning? Thing rallied like mad off that level. I found no particular significance to it and it didn't hold up later on.
Im not sure, One data service I have said 7520 was a minor support. But the day seemed to consolidate around the 7530 level. Maybe a fib number, or there was consoldation there on Jul.12