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Crude Oil Wrap Up


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Crude Oil approached the 13 DMA (51.91) support level on Thursday morning December 22, 2016, trading down to 52.08 before rallying to its high for the day at 53.19. Crude Oil then consolidated around the 53.00 handle and then broke down to the middle of the range by the end of the trading session. It was a quiet day of trading as traders are in holiday mode with Christmas just three days away. Christmas falls on Sunday so Monday is the day markets will be closed. Thursdays trade ended in a doji type candle, signifying the quiet day and indecision in the market. A move above the Thursday high could to a test of resistance at the December 12th high of 54.51. A breakdown from the 13 DMA could lead to a test of the 21 DMA down at 50.64. I do not expect much on Friday and I expect the market will consolidate some more.

High 53.19

Low 52.08

Last 52.65

Daily Pivots for 12/23/16:

R2

53.75

R1

53.20

PIVOT

52.64

S1

52.09

S2

51.53


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About the author


Ben DiCostanzo
Senior Market Strategist
Walsh Trading

I began my career in the Securities industry working as a runner on the floor of the New York Stock Exchange while I attended Pace University. I then started working for Salomon Brothers in their Government Bond Trading arena. After graduating from Pace University with a degree in Accounting, I transferred to Chicago and became a member of the Chicago Mercantile Exchange utilizing my experience to execute trades and manage risk for institutional clients as a broker for Salomon Brothers on the trading floor. I then embarked to trade for my own account in the stock indices pits as a local before moving off the floor to aid and assist individual clients in their trading endeavors. I now work at Walsh Trading holding a series 3 broker’s license whose duties include being the firm’s Chief Market technician.

I understand that every client's needs are different, and I pride myself in tailoring my service to each client's unique circumstances and needs. Individual client experience, risk tolerance, and capital all play a role in how I approach the markets. I am involved in all markets using technical analysis to find opportunities. My approach is driven by the principles of capital preservation.

My trading philosophy is that if you can recognize and manage the risk, you have a better chance to be successful in trading. I advise clients to always use stops as money management in my opinion is the most important ingredient in trading commodities.

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