Tuesday, January 3, 2012

Crude Closed over the PhsychoTechnical Level of 103 (USO)

15 min CL
The poser is looking for a break and hold over 103.37 in order for boolish momentum to break crude into new upside territory....with 103 -105's as new support.

The high today for front contract in CL was 103.18 as pit closed wrapped up and shorts were squeezed into overnight margin.

IN my eyes what caused today's move post cash open was the break over 100.15 which converted multi day resistance into support. The ball was picked up by the bulls and thrown as high as they could.

The monkey on the "recovery's" back, is back. Or as @ put it.. "the elephant in the room"

5 min CL