CL Redux
- Thread starter schizo
- Start date
86.30 support holding second time today
Long 86.70
Long 86.70
86.27 , 86.13 seems magic support today
Http://www.reuters.com/article/idUSTRE6BD61U20110125
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1/ Britain's economy suffered a 0.5 percent contraction in fourth-quarter 2010 after December's heavy snow took a harsher toll than economists had forecast.
2/ Also weighing on oil, India's central bank raised interest rates to clamp down on inflation and warned of higher food prices unless steps are taken to boost stocks.
3/ U.S. economic data was mixed. The nation's consumer confidence improved more than expected in January to its highest level in eight months.
4/ But a separate report showed U.S. home prices fell again in November, the Standard & Poor's/Case-Shiller index said, although the drop was not as sharp as expected.
5/ oil inventory from api is expected to show buildup again this week
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Brent crude's premium over U.S. benchmark West Texas Intermediate (WTI) crude, seesawed, but hovered near $9 a barrel after reaching a $9.76 peak Monday.
U.S. crude oil for March delivery fell $1.46, or 1.66 percent, to $86.41 a barrel at 11:33 a.m. EST (1633 GMT), trading as low as $86.30, its lowest since prices fell to $86.27 on December 2. Tuesday's intraday high was $87.85.
The 100-day moving average for the U.S. March contract was at $86.13, also providing some technical support.
In London, ICE Brent crude for March fell $1.07 to $95.54 a barrel, trading from $94.75 to $96.68.
Total Brent trading volume was at 423,600 lots traded, according to Reuters data, 10 percent above the 250-day average.
Total U.S. crude volume was above 437,000 lots traded near midday in New York, 36 percent under the 250-day average.
Http://www.reuters.com/article/idUSTRE6BD61U20110125
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1/ Britain's economy suffered a 0.5 percent contraction in fourth-quarter 2010 after December's heavy snow took a harsher toll than economists had forecast.
2/ Also weighing on oil, India's central bank raised interest rates to clamp down on inflation and warned of higher food prices unless steps are taken to boost stocks.
3/ U.S. economic data was mixed. The nation's consumer confidence improved more than expected in January to its highest level in eight months.
4/ But a separate report showed U.S. home prices fell again in November, the Standard & Poor's/Case-Shiller index said, although the drop was not as sharp as expected.
5/ oil inventory from api is expected to show buildup again this week
-----------------
Brent crude's premium over U.S. benchmark West Texas Intermediate (WTI) crude, seesawed, but hovered near $9 a barrel after reaching a $9.76 peak Monday.
U.S. crude oil for March delivery fell $1.46, or 1.66 percent, to $86.41 a barrel at 11:33 a.m. EST (1633 GMT), trading as low as $86.30, its lowest since prices fell to $86.27 on December 2. Tuesday's intraday high was $87.85.
The 100-day moving average for the U.S. March contract was at $86.13, also providing some technical support.
In London, ICE Brent crude for March fell $1.07 to $95.54 a barrel, trading from $94.75 to $96.68.
Total Brent trading volume was at 423,600 lots traded, according to Reuters data, 10 percent above the 250-day average.
Total U.S. crude volume was above 437,000 lots traded near midday in New York, 36 percent under the 250-day average.
hmmm. could that failed breakdown be a clue??
long 86.52
10 tick stop, 20 ticks target
10 tick stop, 20 ticks target
Quote from zxd:
Just a tick? You trading like 1000 contracts or something?
Ha ha! When a level is as key as that 86.30 was, being on the long term daily TL, there's a pretty good chance of a failed b/o, so I position myself ahead of the break, and moved my stop to +1 tick as soon as it broke. If I was quick enough, I'd have doubled my stop, but alas, I missed that altogether!
Exit for 1 tick
Tried Break Down trade but instead of 86.40 selected the wrong price 86.29 , lost 10 ticks in that failed BO trade.