Support becomes resistance and vice versa…
10296, 10309, 10356, 10398 Resistance on the YM Emini Futures
10276, 10260, 10198, 10175, 10120 Supports
Trade smart and trade well!
CL: Continues to show strength - found support at the key 76.60 mentioned below almost perfectly on Wednesday. Need a close under that Thursday or we might abandon the trade.
From Wednesday Update: CL: Have nearly a full position now (7/8) filled. Oil acting stronger than anticipated though the way it closed over 77 Tuesday. Need a close on the daily under 76.60 in the next two days and not a close over the previous high at 78.04. If CL can't get back under 76.60 and hold then anticipating a move up to 79.70 - 82.70. CL and YM look identical over the last few weeks - left shoulder and head of a potential inv h&s forming. If YM moves up to the area mentioned in the 1/24/2010 blog post for swing short then odds are CL goes to the 79.70 - 82.70 area. Either way expecting eventual 57.50 test on CL. Let's see what the next couple days bring.
EIA Petroleum today at 8 AM Pacific Time. Natty Gas 1/2 hour prior
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