With 1 minute chart. As shopster pointed out lot of resistance at 97.10 area. Here is how i am planning to trade next.
96.60 could not be broken with CONVICTION. Long 96.60 out 97.40. So far, 96.60 level worked - 96.61 is also OR high. Asian session high 97.44 , euro session high 97.31 80 ticks.
Aaaaaa uppppp Nice read off of the 9660s, mfbreakout! 9660s were OR highs as well as POC from 9:34AM print. looks like shorts got trapped after being promised the impending wall of supply going into API news this afternoon. 9660s were important, and now 9750s...
Wow. CL can RUN. short 97.94 cover 96.60 which is middle of last up bar (POC). Plus we have A up now and shorts for me now are counter trend till some levels are broken , so i am happy to book 34 ticks. On A up days, CL can run beyond normal run like yesterday.
02-07-2012. I love HIGH VOLUME days as there are trading opportunities all over. Why i shorted 98.68 and covered @ 98.32.