09 February 2011

Crude Oil : Watch 87.15

  • China rate hike announcement triggered short term panic reaction in commodities tonight (+no bad news out of Egypt last couple of days). Mar11 Crude low 85.85, but is now back above 88.
  • On weekly and monthly charts, 87.15 is a key level. As long as the lead contract does not close below, read this to be in an uptrend still. Managed to rebound (leaving a spike low on chart)  the previous time we broke below temporarily. Today as well.
  • Hanging precariously to smelly long position here.


xp said...

i've been reading your charts for long, and understand that you don't rely much on fundamentals. for crude, however, i suggest you use ICE Brent as benchmark, because WTI is more and more rediculously mispriced, due to local reason.
If you look at brent charts, its' still very bullish. It should be the right oil benchmark.

Taichiseal said...

Yes I have been reading alot about Brent taking over WTI as the crude oil benchmark recently but have been too lazy to get the admin (charts, access to new product with broker platform, spreadsheets, etc) done. I guess this is my wake up call. Thanks. Will get it sorted out soon.