Wednesday, July 10, 2013

Crude Oil Trading Room Day Trading - Bullish Trend Channel

CL Crude Oil Futures
Crude Oil is trading at the highs of a bullish trend channel and is testing a breakout at current. This morning there has been another 0.75% added to the price and the next major level of resistance is 108.41.

Major Support
98.71 to 99.30
100.52 to 100.94
101.23 to 101.51

Major Resistance

Daily Levels
108.41

Trade Zones

Long Zones
For long trades today I will be looking for a pullback to the Fibonacci levels and ideally the trend channel lows.

Short Zones

Short trades today we can look from current levels on a fall back into the trend channel. We can also look for a breakout of the trend channel to the downside. 



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