Crude today did a reversal close on the daily. Crude for the time being is looking bullish, everything seems too be pointing up. The area's of resistance are as follows, 66.00, 66.52 to 66.73. Currently the 60mn is sitting right on the 200ma, I'm thinking that the 200ma may not be a problem, But who knows? Even if we don't have a problem we still need to take 66.00 out before we make a run towards the 66.52 area.
Crude couldn't muster the energy to get up above the 30mn or the 60mn-200ma, support is in the 50area. Possible bounce from this area for a retest of the 66area? Currently the 15mn is laying on the 200ma, but below the 20ma, there is risk of a deeper retracement, but only if the 15mn makes a hard step down below the 200ma.
Heavens door didn't open but the basement door did, I'm looking at some support near the 59 area, the 30mn bands being as wide as they are, this area possibly a good hold. Next area would be in the low 50's.
Last nights price action was interesting to say the least. When price hit a patch of ice it just slid. During these type of news generated events, there aren't to many options to determine with accuracy the distance of any one movement. The only thing one can do is just be on the side of momentum. This is the tried and true method when dealing with run away price, just be on the side of the directional movement.
I'm off early today, Its been a late night and my eyes are not fresh enough to make solid choices today. Cheers!