The Sep'09 CRUDE OIL produced a positive signal into resistance at 73.14. Be patient. If the rally is going to fizzle the contract will struggle to maintain a trade above here. If so the buying has the potential to feed on itself targeting 7613 on the next move. 84.83 is the extended target.
69.85 is the Inflection Pivot keeping the positive signal in play. If the MKT is going to follow through to the upside any weakness today will bottom out above here. A break under 69.85 puts the contract back in a difficult trade down to 67.84. Only under this support does sentiment shift with 64.96 the low point for any new consolidation. 57.74 is the current lower extreme.
JS
This post supports JS Services Strategy Based Trading approach. For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.The Inflection Pivot levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.
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