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Tuesday
Mar222011

Crude Oil Update / Potential $3 Move On Tap

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

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