Support becomes resistance and vice versa…
10838, 10869, 10885, 10927 Resistance on the YM Emini Futures
10775, 10689, 10633 10571 Supports
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CL: Every test of the upper end of my 79.7-82.7 range has been met by hard selling. I have been trading around a swing short position in my range to better c/b for nearly five weeks now. I'm Still expecting a CIT from this range. IF CL can close over the close of March 17, 2010 then a move up to 87.5 is possible. Big picture I still expect an eventual 57.50 test in CL.
Someone asked me how can I go from expecting a CIT in my range to now saying I'm prepared for a move up to 87.50. We have been in this range for five weeks - first hitting the lower end of it on 2/19/2010. It wasn't until the Update for March 18th that I first mentioned 87.50. If you look at the chart - on March 17th we had the highest close of the entire 4 weeks AND closed OVER the top of my range for the first time in those five weeks. And this followed a sharp reversal down and then up - indicating strength. Now we have sold off again. Anyway the strength of the reversal and the close over the high of the range for the first time I had to look for targets above if we broke up, instead of down as I am expecting. 87.50 is the logical target if it can break up out of this 79.7 - 82.7 range I have had for over a month. I am expecting a move back down to 76 minimum but time will tell and markets are not static. We must be prepared for everything.
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