The Crude Index scalper

2700 area support, break down below.

 

31 hit, but still good not taken out.

 

Today's, channel to get over is 36/33

 

Old resistance here at 42/44

 

After 44 is cleared, next area would be 57

 

44 not clear yet, price needs follow through to make an attempt challenge higher resistance.

 

Fridays early signal failure warnings near the 42-44 resistance area,
Starting with jpeg1, just a clean screen with volume and a 20mnt-ma. A typical quick look supports that we are in a channel. But when you look closer at the bars near price resistance and compare the volume reaction, suddenly the picture takes on a different view.

Here in Jpeg 2, I've marked with a fuchsia color near the Bar price signal warning with volume supporting a directional shift.

With Jpeg3 its giving you a pre-warning bar marked by the color yellow. This pre-warning bar supports the fuchsia marked bar. Pre-warnings are just one of those, "whats up with that signal"? To clarify what the possible signals are, they could be spikes with weak closes supported by high volume, or a weak unsure price bar followed by low volume, and the list goes on and on.

And finally Jpeg4 provides further support for lower prices. All temporary but since this is a scalper journal-positions are very temporary

 

Today's support is 09/08,

 

Not the volume I envisioned for a push thru 08, but this is pre-holiday trading.

 

Checking back-in, I see that we went as low as 04. This was almost at the next area of support at 03/02. sorry about not posting earlier before the move occurred.
On the high note our bounce peaked just shy of last weeks resistance in the 31-33 area. Further on the topside there is a fib at 2748 area. But, with the holiday this week, the ES is a little on the thin side, so be aware and take care.