Crude oil 8-02-10
Last week i laid out the case for a rally possibly to the 82.60 area. I still feel as though oil is way overpriced up here , based on fundamentals. On the short term im expecting some resistance at 72.62-72.65...
regarding 8110 area, are you eyeing 8150-8135 >>> 8111 also?
yeah, and the lower prc band on the one min...and hoping the red avg(15 ema) on the 5 min holds which is currently at 81.09!
but i'll likely try a sell at 81.60-62
this is the first pause area...81.25 or so
.62 of pit range = 8109 but the 50 ma on the 1 min is tough with such a strong trend
wELL, 5 MIN HINTS AT AROUND 81.00EVEN ,BUT IM GOING TO TAKE MY CHANCES, AND HOPE FOR A QUICK REBOUND
bouncing off of the 81.25 level!...ugh!...
im hoping the 5 min cycle ,which bottoms about 15 min will help!