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Today's Outlook for WTI Light Crude Oil futures.
Monday, January 30, 2012
by Carol Harmer of Charmer Charts
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WTI Crude Oil headed lower as expected to reach the 98.55/50 level and just held on for a bounce to 99.57. Pressure does remain to the downside with the large double top pattern looking to dominate in the weeks to come. A move below 98.50/40 should then signal a test of recent lows at 97.55/40 today. Failure here would then set us up for a test of very good support at 96.94 which would be expected to attract buyers and therefore hold the downside today. If the market can hold above 99.35 we can test resistance at 99.90/100. We may not make it any higher today so attempt short positions here with stop losses placed above 100.60. A break through here brightens the short term out look allowing a return to 101.10/30. Attempt short positions here once again today with stop losses placed above 101.65. Attempt shorts then in the 102.00/25 area. Daily reports and webinars at charmerchart.com
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About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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