Monday, April 16, 2012

Crude oil Rebounds after early sell off

1 hour CL 
Wild day for crude with the session  opening on a soft note. CL fell from over 103 to below 102 then melted back to 103 as shorts were slowly squeezed into floor close.. in the chart above you can see the 'pinch' level of 102 from last wednesday was probed many times this morning though held firm.

Currently the price is in between the 102 and 104 level at 103.10.. simple trade strategy here.. a trade over 104 could mean 105 .. trade below 102 will mean a test of 101.10 -101. if you can remain patient till one of these two scenarios play out.. your patience could be rewarded.