Trends in Futures - Commentary for Week 10/06 November Crude Oil

Bearish looking chart must show more before I pick a bottom. $99 is good resistance from the top  downtrend channel line near the green horizontal support line (from the past) that now acts as resistance. New steep downtrend line shows first resistance near $97 on Monday. Extremely oversold now. With the  $91.02 gap holding on Friday I could see a bounce, $103 is the key resistance that should stop any rally.

I want to trade the numbers always, and I am in a short term trade mode as made clear in my TIF’s. I  prefer to sell rallies and cover using the numbers to take profits. The dollar and thoughts about global  slowdown is the focus.

I think this week will be mixed, with crude rallying if stocks do, but short lived for crude with further  speculator liquidation.

On the daily TIF for Friday, my resistance was $.33 from the actual high and my support was $.28 from the  actual low. Range was $4.73.

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