Oil bids up to 58.90 (January contract). 58 held up on a retest. Equities are dropping further, testing opening lows.
If you took QM 58, book profits quickly. This could be a very volatile day of trading as traders square away their positions into the new contract. Sellers are waiting at every bounce, so there is a tug of war going on. Don't trust either direction. If 58 does not hold intraday, be careful not to chase it. Monthly support is at 56.60 for the January contract, so there could be some downside if they don't hold up trend line support at 58. Use stops and watch that 58 number like a hawk. So far, it's holding and that is good news for oil bulls.
If you took QM 58, book profits quickly. This could be a very volatile day of trading as traders square away their positions into the new contract. Sellers are waiting at every bounce, so there is a tug of war going on. Don't trust either direction. If 58 does not hold intraday, be careful not to chase it. Monthly support is at 56.60 for the January contract, so there could be some downside if they don't hold up trend line support at 58. Use stops and watch that 58 number like a hawk. So far, it's holding and that is good news for oil bulls.
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on Friday, November 17, 2006 at 11/17/2006 10:48:00 AM.
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