We are trying to hold that trend line on some early sell off this AM. We will be a buyer above the 97.20 area. We will look to a 60 Min chart to enter and define our stops. Our first target is 99.00.
Oil long is still too early I think. Heavy bearish trend. Maybe some bottom fishing ard 91,50-92,50. We'll see...
OffTheFloorTrader
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Thanks Kumo...we see it a little different in here. After a $12 drop from the top it's come a long way. This is a bounce play after the knife stuck in the ground. If price runs the 97.20 area we should see some short covering which will give us a nice bounce. Once we hit our target area we will consider a short play. One caveat...we have to keep an eye on the petroleum report tomorrow. Thanks