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by Austin Passamonte
Here's the midterm price outlook for crude oil futures.
Position: N/A
Austin Passamonte
Austin is a private trader who trades emini stock index futures intraday. He currently trades various futures markets from home in addition to managing a trader's educational forum
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TECHNICAL ANALYSIS
Slippery Slopes Of Crude
10/03/11 10:31:13 AMby Austin Passamonte
Here's the midterm price outlook for crude oil futures.
Position: N/A
| From the start of 2011 through the present, crude oil futures have been as roiled, wild, and volatile as any commodity market could be. Considering oil gets treated as a consumer product and a quasi-currency alike, it's been a year's worth of global unrest in the political and financial arenas. |
|
| FIGURE 1: CRUDE OIL, WEEKLY |
| Graphic provided by: NinjaTrader. |
| |
| Figure 1 shows the most recent 1-2-3 lower swing from early 2011 highs projects price magnets at 77+, 72+ and 70 price zones for crude oil futures. |
| The 85 level served as lower zone congestion from mid-2010 through September 2011. Now that it has clearly given way, any further tests of that zone are presumed to be resistance until proven otherwise. |
|
| FIGURE 2: CRUDE OIL, MONTHLY |
| Graphic provided by: NinjaTrader. |
| |
| Figure 2, a monthly chart view of crude oil futures, shows price action magnetized near a long-term pivotal zone dating back through late 2008 to early 2009. If this level fails to contain selling, 72-73 from the early 2009 era will be revisited. |
| The fate of crude oil rests in dual hands: supply/demand from end-use as a commodity and dollar-value gyrations as a quasi-world currency of sorts. With world economies rocked and US dollar values ascending, downward is the trend of friends in crude oil futures for now. |
Austin is a private trader who trades emini stock index futures intraday. He currently trades various futures markets from home in addition to managing a trader's educational forum
| Title: | Individual Trader |
| Company: | CoiledMarkets.com |
| Address: | PO Box 633 |
| Naples, NY 14512 | |
| Website: | coiledmarkets.com/blog |
| E-mail address: | austinp44@yahoo.com |
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