Monday Blues on Crude.

Crude Oil took a little break yesterday started to bounce back up a little yesterday.  I think that this area could still be a little more rangy as it could bounce between $57 and $55 a little while longer this week.

Price has been in an uptrend for several months now.  It is slowly treading along into $60. We are now seeing price fail to break the previous week’s high.  There is still no reason to believe that price is doing something new to the downside yet.  So we will stay with the trend up and look at this price movement as a pullback in the overall trend.

 

The 60min time frame gives us a good indication of the what good support and resistance areas may come into effect today. From what I see on the chart, we are waiting for a breakout of friday’s candle.  I then would run with that move down to $55 or up to $58.

Today is Monday, usually Mondays are rangy days.  I believe that we could see a rangy bounce and possible inside candle today.  Overall, I really just waiting for the breakout and then run with that.  If price bounces off the 60min support zone then I would take that long during globex or the opening of the US session.

 

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