Technical outlook on Crude

Discussion in 'Energy Futures' started by JSSPMK, Feb 6, 2008.

What do you think?

  1. Agree

    23 vote(s)
    53.5%
  2. Disagree

    14 vote(s)
    32.6%
  3. Don't know

    6 vote(s)
    14.0%
  1. JSSPMK

    JSSPMK

    ImO Crude is poised for re-test of $100 range, it's now trading around $88.4, will post chart in a little while.
     
  2. JSSPMK

    JSSPMK

    Price starting to move as I post this

    <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1780804>
     
  3. usman88

    usman88

    8690-8730 is where the market will be today
    rite now rate is 8850 and is a very good rate to go short. Incase you are wondering why market pull backed from 8750 to 8850 then I suggest you read about retracements. Thats what has been happening over the last 3 days. Big down moves followed by retracements
     
  4. JSSPMK

    JSSPMK

    TY! Fair enough, I hope you would agree that IF price is to re-test $100 it would be unlikely to expect it to happen in 1 day :)

    Also I would add here that it's all well to point out what's been happening so far, I refer to what I am seeing at the moment that MIGHT effect tomorrow.
     
  5. usman88

    usman88

    I am a daytrader and I can only tell you 2 things

    1. Target/range of market today (8690-8730)

    2. Overall trend (Bearish)

    Thats it
     
  6. JSSPMK

    JSSPMK

    I agree on 2 and disagree on 1, no way to know this for sure, I also daytrade mainly. This thread has nothing to do with daytrading though.
     
  7. usman88

    usman88

    inventories are excess and previous low was 8740. S1 is 8721 and market will play around it thus my range 8690-8730. Also a couple of other technical stuff which I cant reveal but my predictions have been true for most of the time. As far as today is concerned, let see....I am short

    And if you also feel that overall trend is bearish then why are you thinking tht crude will re-test $100?
     
  8. JSSPMK

    JSSPMK

    Good luck with that short, I don't know what today WILL bring, all I see is that conditions are favourable for a breakout, I use same criteria intraday as depicted on that chart, nothing wrong with counter trend trading, as long as you buy lo & sell hi. I don't know whether price will actually hit $100, intraday that would have been an obvious point of re-test
     
  9. JSSPMK

    JSSPMK

    OK, now I see a good r:r short entry on 5 min chart, but again this has nothing to do with what I posted in the beginning :)

    TL cluster taken out, ought to help with your short Usman
     
  10. usman88

    usman88

    H & S on 1 min chart + bearish divergence on 5 min short
     
    #10     Feb 6, 2008