Tuesday, May 22, 2012

1 hour look at West Texas Intermediate

The pressure is still on (crude) in my 13 cent opinion... today's little euro puke into the cash close was foreshadowed by weakness (divergence from equities) in crude and copper. Crude ended the day down in excess of 1.2 percent as equities smashed their gains in the final 45 minutes

.. market is finicky as it can get.

my take on oil is if we break the Sunday evening lows of 91.12 after (IF) support @ 91.50 gives way, the 90 handle will be on deck.

on the upside a break of and hold @ the 93.33-40 could trigger a move into 94 - 95 if momo is at the back...

1 hour CL 
4 hour CL