The Sep'09 CRUDE OIL contract produced a NEUTRAL POSITIVE SHIFT signal to put the market back in a firm posture pressing its upper digestive extreme at 71.61. This is the Inflection Pivot for the MKTs next move.
A held trade below here will keep the buyers at bay and the contract in a sideways churn down to 68.84. If the coil is going to tighten the weakness will bottom out here. A failure is a sign of weakness that puts the 64.00 support target in reach. Use caution. Although a bounce is expected this sell off has the potential to feed on itself down to 55.46 before it stabilizes.
A held breach of 71.61 is needed to bust this MKT out of neutral and back into a Bull Trend mode targeting 76.11 on any new advance. Expect a reaction at resistance. 83.66 and 84.72 are the high points for any positive push out of the current levels.
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.
