After a Bearish Report, Crude Surprizes to the Upside

[MichelGJulien 10]

The big story for today, besides Janet Yellen confirmation as Fed's big boss, was crude rapid and violent move upward right after registering a new 4-month low. Talk about a price rejection! Bears were completely caught off guard on that move amplifying the velocity of the price spike when they started to cover en masse. Other than that, there is not much to report maybe except that the other instrument we trade in the room (emini Dow Jones YM) recorded yet again another all-time high today.

 

Test of resistances at 94.50 and 95.38 should come soon IMO

 

The market in crude oil opened at 93.35, i.e. within yesterday's range but well outside of the value area. The only gap left unfilled in the neighbourhood was standing at 93.91 and got filled just before lunchtime. The initial balance came in at a minuscule 36 ticks or a big 35% below its 10-day average. As far as YM is concerned, there is no stopping of this bullish train as again today it established a new all-time high. After opening at 15783, it came down a bit towards 15755 for a few minutes then turned back up to never look back. For tomorrow, to be honest with you I'm completely clueless as to the likely direction in crude oil. It may continue its climb towards 95 or may as well be slammed down again towards new lows as it's been the case so many times lately. The emini Dow Jones situation is different. It will very likely again tomorrow hit a new high. Is 16000 possible for tomorrow? Why not?

 

I only took 1 trade today:

 

1. Long YM 15810 at 10:44am, exit 15810 at 10:51am for a breakeven trade. Result: 0 tick today.

[Guest epic research]

Crudeoil trading range for the day is 5718-5858.

[T.Chivers 10]

I have a buy stop on Crude March Futures at 95.20. The 95 level has seemed to be the biggest test as of late!