There Were Some Glimmers of Hope for Bulls Today

[MichelGJulien 10]

The selling pressure was on again early today as bears had regained a bit of their mojo of the last few days. But when the market opened at 97.38, above and outside yesterday's range and value area, crude immediately started to sell off trying to break the $97 floor below. It prompted to tweet: "Hey, this is an important area here. If bulls do not react now, they are bound to suffer a retest of yesterday's low around 96.00". It is as if they had heard me really because the market started stabilizing immediately first, then was on its way up for the rest of the day closing a few ticks short of $98.

 

 

Guess what? I think we could go back up and retest $100 next week

 

Other than that it was a relatively quiet day and there is not much more to comment. The initial balance came in at 74 ticks again today, i.e. more or less equal to its 10-day average. As I mentioned yesterday, according to my stats, when the initial balance is equal to its average I can't read too much into it as pretty much anything can happen in terms of volatility later during the session. For next week, I believe bulls are going to continue to regain some lost ground but we are not talking about changing the main trend here which remain obviously down until bulls can break and hold above 102.50. That's assuming they can even get pass 100 first.

 

I took 3 trades today:

 

1. Short 97.21 at 9:11am, exit 97.08 at 9:18am for a +13 ticks profit.

2. Long 97.80 at 10:00am, exit 97.80 at 10:06am for a breakeven trade.

3. Long 97.48 at 10:25am, exit 97.48 at 10:33am for a breakeven trade. Results: +13 ticks today, +107 ticks this week.

[JamesBrrando 10]

Im expecting $100 by Wednesday. Then after the backtest of the broken trendline..who knows...:helloooo:

[MichelGJulien 10]

Already hit 98 overnight, so like you said who knows?