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Crude Oil Technical Alert

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Crude Oil Daily - The horizontal line shows the prior breakout level. If you look closely you can see how oil gapped above this horizontal line. A close (or an Open) below this key level puts the bulls under pressure and causes us to now hold a bearish only bias for the rest of the week.

Crude Oil 120M - Price initially respects the technical support level before showing clear price action rejection and closing below today's major support attemp. Crude Oil now must flirt with the final support level. We should see sideways consolidation along with a breakout in either direction. Price is likely coiling into the Wedensday inventory report.

Trading below support. Why would you go long right now?

This mornings analysis showing the 52.30 breakout level. Oil traded straight into price magnets as per this mornings youtube video analysis and continued lower as expected for a total max fav excursion of 133 ticks, or $1330 per contract.

To learn more about my methods of analysis, or to get into automated futures trading please visit my site at


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About the author

Bruce Levy

Bruce Levy is an independent Futures Trader.  He is currently a Level 1 CMT with the Market Technicians Association and subscribes to the recognized methods of Classical Technical Analysis. He specializes in adapting directional outright trading systems to ever changing market environments. The strategy's vetting process involves identifying tradeable patterns through keen market observation, once patterns are discovered they are mechanized for further analysis. Those that meet rigorous criteria are then automated into an algorithm and quantified over a robust data set prior to use in the traderoom.

Bruce shares his extensive work through the FuturesTradeRoom screenshare, his Automated Day Trading Programs are streamed on a 24/6 basis. In addition, the system involves no human intervention whatsoever and the trades are executed on the chart trader for all to see. He also writes a Weekly Futures Market Update Newsletter which focuses on Daily and Weekly chart formations. His analysis includes a unique blend of Volume Profile, Price Action and Classical Technical Analysis.  

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