All I can say is the trend is still down. It will remain down until it is up.
Daily Crude Oil Chart
This is a very strange business, spent 6 hours looking at charts, made one trade, held the position for about a minute, and that was it for the day.5 Minute Crude Oil Chart
1 Minute Crude Oil Chart
4 comments:
I think the key will be the 35 dollars, it has hit 3 times already this price, and it bounce back, if it breaks it, we will see it collapse to the mid 20.
Just my 2 cents.
Miguel, sounds logical.
The March contract is trading at $44.00, so what happens when February expires?
In my opinion like you said once this month expire we are going to see a big drop on the month of March contract, since all the sellers roll over, matter fact the "roll over" it will be great if you have a short position for February to roll over to March so you could take advatage of the big contango that we have right now of almost 6 dollars.
By the way I have one question do you use Market Profile and if you do can you give a good book or tutorial about this infamous tool
Miguel if I could predict the price of oil I wouldn't have to work so hard day trading.
I don't use Market Profile.
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