Crude Oil Chart Review & Support and Resistance Levels 7.09.2021
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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A look at the daily crude oil chart below:
If you are a short term or swing trader, use a 4 hour chart and look for lower risk/ higher reward type of set ups.
I would look to go short at upper 74 levels ( 74.88) and I would look to go long at 71.20. Both entries can be used with a small stop.
If you are an option trader look to sell vertical call spreads above 77 and vertical put spreads below the 70 level with 30 days or less to expiration.¬†More on this¬†strategy here.
If you are a day trader, than good news! The CME is launching a MICRO WTI Crude Oil futures which are 1/10 the size and can be used for hedging, “pyramiding positions and more. The new contract will start trading July 12th.¬†More info here.
For now, until I get a close a daily close below 70.97 I favor the long side, a close below 70.97 based on the daily chart will shift the strength to the bear camp.
**CME Group has removed the trading halt between 3:15 and 3:30 p.m. CT on CME Globex for Equity Index products.
Webinar Invite:¬†Cannon Trading & CME Group invites you to attend an online event on Wednesday July 14, to learn more about¬†Micro WTI Crude Oil¬†
futures, a new tool for managing crude oil price exposure launching on July 12.
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