Note how we touched the top band and started our drift to the right. Very similiar to the daily chart. I've addded the key fibs for the intermediate price swings. The RSI is weak and the stocks indicate a possible reversal in price. Looking for a sharp down turn in the fast stoch this morning to confirm rejection at the top.
Price levels of importance:
1073-75 (a breach could send action to the 1083 area.
1067-1064 (a breach could send action to test the local low of 1057.7.
Good luck out there!
4 comments:
Hey David , What a great finish today ! Its been a while since I had the feeling of things going right. Also a nice bonus finishing under that 1062 level . We need a couple days down to secure this downleg . I dont think we are out of the woods yet but hopeful.I read the oil trader blog and read that you did well today ,congrats!
Good luck
Keith
Sorry my wifes account
Well David , how many time do we get breakout on the High and the Low side in one day . Well we did today :)
Great call on the squeeze , wow what a reversal , that was some Convection selling for sure .
Thanks guys.
We need follow through to take place the balance of the week. If we get it, this is a good opportunity to hedge a bit with some call options at a discount. Also an opportunity to sell some puts at a premium. I'm looking for the 1040's.
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