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.
98.71 to 99.30
100.52 to 100.94
101.23 to 101.51
For long trades today I will be looking for a pullback to the Fibonacci levels and ideally the trend channel lows.
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.
Posted by Mitch at Wednesday, July 10, 2013