This report was sent to subscribers on 11/24/09 5:00 p.m. Chicago time to be used for trading on 11/25/09. Everything is done by Howard Tyllas, no program or black box.
January Crude Oil
After the close on 11/25/09: My resistance was 77.74, just .35 from the actual high, and my pivot acted as support and was 75.29 FG, just .21 from the actual low.
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77.74 |
--------------75.29 FG Pivot |
72.84 FG |
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Trend |
5 day chart ......... Down (from last week same day) |
Daily chart ......... Up |
Weekly chart ........ Up |
Monthly chart ...... Sideways 68.03 is the 200 MA |
ATR 2.36 Extremely Oversold 5% |
January Crude Oil Chart
I said "The red bracket line acted as near perfect support on Monday (and perfect on Friday), downtrend line acted as resistance at $80. Downtrend line proved once again to be strong resistance. Long term uptrend line will be pivotal now.
I have been saying "Downtrend line is resistance once again. I use the numbers for direction and trade locations".
January Crude Oil for 11/25/09
I have been saying for 3 weeks "What the equities market & the $ does from here, will help or hurt crude oil".
In my daily numbers on Tuesday my pivot acted as resistance and was $0.36 from the actual high; my support was $0.31 from the actual low.
Crude Oil: Good numbers. Extremely oversold now and at uptrend line support. I would look to take profits here if I was swing trading and short, and if I was looking at a place to buy, this is certainly a location to do so. If the market closed under $74.50 I would be out of a swing trade long, but if day trading I would probably want a sell stop to protect at $74.99 just below the gap pivot. I prefer to sell rallies at $79 to $80.
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Howard Tyllas
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Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.
