Monday, February 27, 2012

Monday Crude Oil Futures Update

4 hour CL
The trend is your friend.. until it is not. So far the 15 min an 4 hour CL trend is still holding.. Though exercise caution up here above the yellow dashed uptrending line.. Below 108.30 i will perk up..  below 108 i will be very cautious and think about downside protection..

Lots of upside momentum is built and can reverse quickly. Last couple times (red X's below yellow line) CL broke the trend it was violent though the price quickly moved back over the line.

We are so close to highs in CL it seems we might test them, over 114. Earlier in 2011 CL ran from 90's to 114 no red candles on a daily.

5 min CL