July Crude Oil continued it retreat from the 51.67 high on Thursday, June 16, 2016 as bearish traders continue to control the price action. The breakdown from the 47.26 support level had longs packing their bags and sent price on a downward spiral to 46.14, near where it settled at 46.21. Crude Oil couldn’t recover after settlement and made its low for the day at 45.91 before ending the day at 45.99. Sell stops and traders looking to ride the breakout through the lows lead the way down, in my opinion. Crude Oil was unable get below the 50 DMA on the continuous chart as today’s low matched the moving average. The 50 DMA becomes the next pivot in my opinion where Crude Oil will make its move from. I would look to go long if Crude oil is able to produce a buy setup off of the 50 DMA. I would look to be short if Crude Oil is able get below the 50 and then fail to get above it on the retest of this level. Place your stops in accordance to your account size and risk tolerance.   

   High    47.75                   

   Low     45.91

   Last     45.99

Daily Pivots for 6/17/16:           

R2

48.39

R1

47.19

PIVOT

46.55

S1

45.35

S2

44.71

     

                           

                                        

                          
For those interested I hold a weekly livestock webinar on Friday, June 17, at 2:30pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon signup.

Sign Up Now