Oil has fallen from a High of $82, to current price just below $70. Support around $66 gives a down side of 4% with upside target of $74. Sell signal triggerd at $76 on Thursday 3rd December with Daily 10ema($73) now below the 50ema ($75). A close below Daily 200ema ($66) will signal a retrace back to $50. Seasonal crude low prices are in late December- early Feb.
Note: A long term Buy was triggerd in July 09 @ $65 when the Weekly 10ema($76) crossed above the 50ema ($62). Weekly resistance @ $80 with support @ $40.
I use USO ETF $35.49 to trade Oil.
BUY $34 STOP $33.50 Target $38 Risk/Reward 8/1
Daily SELL signal triggered on 2nd December @ $38.90 when 10ema($37.16) crossed the 50ema ($ 38.42). Buy was triggered on 7th October @ $36
Stoc(6) - oversold. Looking for a bounce early next week from around $34-35
Weekly SELL signal triggered in September 2008 @ $85. No Buy signal on the long term charts with 10ema($38.59) still below 50ema( $40.85). Last Buy signal was Aug 2007 @ 54. MaCD flat and Stoc (46) - BEAR
USO recent High was $41.40 on Wednesday 4th November. Low $35.22 on Friday 11th December
Support levels are :
$33.69 on Friday 25th September
$31.57 on Monday 13 July
$26.28 on Monday 21st April
$22.74 on Wednesday 19th Feb
Resistance Levels are
$41.92 Wednesday 21st October
$38.80 Tuesday 25th August
$40.00 Thursday 11th June
$32.16 Thursday 16th March
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