Wednesday, March 7, 2012

Crude oil recovers most its losses from Tuesday

15 min CL 
Panic in the streets yesterday combined with a surging dollar sent crude oil prices plunging over 2% yesterday, though the theme today is risk on as the dollar relented and buyers threw their hats back into the ring. My take on CL is it might rest here as the floor closed with a solid up squeeze, if CL can get over the 106.50 level 107 could be regained.

Notice the downtrend line drawn from the Saudi pipeline explosion high to today has been breached to the upside. The breach sent CL into 106 and into Tuesday's mornings 106.40 resistance.