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Hello. Volume is still in the Jan CL future so I am continuing to use that. Crude seems to be lingering lower to fill the gap from Friday’s close. This market is technically bullish, as well as fundamentally and seasonally bullish (short term, with some variations). Crude could be vulnerable to some excitement today with EIA # and FOMC.
Only place I am looking to buy is $51.50, risking .25 to make $1.00. I like selling $53.10, risking .20 to make .50
$53.40 (***) TGT 5 + Resist
$53.20 (**) TGT 4 + Resist
$53.00 (**) Third Higher TGT + Resist
$52.80 (*) Second TGT + Small Resist
$52.53 (**) First Higher Target + Some Resist + Bears Make their stand here
$52.18 (*) Early Pivot
$51.90 (*) First Lower Target + Small Support
$51.48 (***) Second TGT + Pivotal Support + Bulls can’t lose
Below $51.48 I’m watching round numbers $51.00, $50.50, $50.00 etc
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
Hello and welcome to FOMC day. I expect a quiet morning trade before the volatile afternoon. It’s difficult (for me) to anticipate the market reaction to this Fed day. I have internal reasons to suspect either a quieter than usual reaction or stronger than usual reaction. My levels today are a little more macro, in the event of a more substantial reaction.
Before noon, I like buying 149’08 risking 8 ticks to make 16 or buying 148’18 risking 8 to make 24. Or selling 150’02 risking 8 to make 16.
*The above ideas are only good pre Fed and assume flat into the meeting *
I believe the stronger levels to be relevant today, but obviously cannot anticipate what I would do having yet to see the reaction to FOMC.
151’14 (***) TGT 4 + Resist
150’29 (***) TGT 3 + Resist
150’12 (**) TGT 2 + Resistance
150’02 (**) First Higher Target + Resistance
149’22 (**) Early Pivot
149’08 (*) First Lower Target + Fair Support
148’18 (**) Lower TGT 2 + Good Support
148’07 (*) Lower TGT 3 + Fair Support
147’10 (***) TGT 4 + Pivotal
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
