Crude Oil approached the 13 DMA (51.91) support level on Thursday morning December 22, 2016, trading down to 52.08 before rallying to its high for the day at 53.19. Crude Oil then consolidated around the 53.00 handle and then broke down to the middle of the range by the end of the trading session. It was a quiet day of trading as traders are in holiday mode with Christmas just three days away. Christmas falls on Sunday so Monday is the day markets will be closed. Thursday’s trade ended in a doji type candle, signifying the quiet day and indecision in the market. A move above the Thursday high could to a test of resistance at the December 12th high of 54.51. A breakdown from the 13 DMA could lead to a test of the 21 DMA down at 50.64. I do not expect much on Friday and I expect the market will consolidate some more.
High 53.19
Low 52.08
Last 52.65
Daily Pivots for 12/23/16:
|
R2 |
53.75 |
|
R1 |
53.20 |
|
PIVOT |
52.64 |
|
S1 |
52.09 |
|
S2 |
51.53 |
|
|
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