Crude Oil Update / Potential $3 Move On Tap
March 22, 2011 at 4:05 PM Crude Oil
Forecast:
May Crude Oil Update (08:43:07 am). David from PageTrader posted this morning that daily closes above $102.05(worst case scenario 101.85) will be the earliest for a March 23rd (+/- 1 day) daily market bottom and an initial advance of approximately $3.00 off then the current low(today’s current low has been $102.10, so far). Here’s were we stand, the 1st wave has been completed, today’s high has been $105.18(102.10+3.00=105.10). Tomorrow is the on time date and should offer us an opportunity to participate in the 2nd leg of the advance or another $3.00 higher. Yes, that means Crude will be pushing the old top or the $108 level.
I’m going to wait to see the action overnight before I give you an entry point.
OPINION: NO TRADE RIGHT NOW BUT LOOK AT YOUR EMAILS IN THE MORNING!
Burton R. Schlichter
Daniels Trading
To be added to the list email bschlichter@danielstrading.com
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