This report was sent to subscribers on 8/2/10 8:00 p.m. Chicago time to be used for trading on 8/3/10. Everything is done by Howard Tyllas, no program or black box.

September Crude Oil

After the close recap on 8/3/10: My resistance was 82.70 FG, just $0.06 from the actual high, and my pivot acted as support and was 81.10, $0.01 from the actual low

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I continue to say "The downtrend line near $77.50 and bracket line at $77 supports". Notice how the downtrend line provided perfect support on Friday.

September Crude Oil for 8/3/10:

Bulls target bracket line resistance at $84.88.

In charting, when a resistance is hurdled it becomes support, and when the support is broken it becomes resistance.

I have been saying for over a year "What the equities market & the $ does from here, will help or hurt crude oil".  

Crude Oil: Spot on support but resistance was blown away. Taking the sell signal lost again. Same thoughts as yesterday, but position longer term traders are waiting for the gap at $82.70 for taking profits and attracting sellers waiting to get short.

September Crude Oil for 8/2/10:

Crude Oil: Spot on support but resistance was no help. Selling resistance was a stop out taking a small loss. Market appears to want to go higher such as the grains, but is nearing resistance levels. More back and fill might be needed as well as another retest of the bracket line support, and then I would consider getting long. Crude, grains, metals, and commodities in general might see early month fund buying. I only want to day trade for now, and prefer to take the sell rather than the buy signal today and risk another .40 on the trade idea.

September Crude Oil for 7/30/10:

Crude Oil: Spot on resistance and accurate support numbers. I want to continue to sell resistance and use a buy stop risking .40 on the trade idea.

September Crude Oil for 7/29/10:

Crude Oil: Spot on numbers! I have the same thoughts and using the same numbers as yesterday.

September Crude Oil for 7/28/10:

Crude Oil: Spot on numbers. Trade idea to take the sell signal and not the buy signal was a good one. Below the bracket line the bear are smelling blood, and I have no problem to take the sell signal and risk .40 on the trade idea.

September Crude Oil for 7/27/10:

Crude Oil: Spot on resistance and accurate support. I have the same thoughts as yesterday, and with the price action on Monday having a new high for the run with a lower close bodes well for another down day to follow.

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           May Your Next Trade Be The Best                          

                     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.