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Crude Oil Futures Flirts with $60 Mark for First Time in Over 30 Months

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

Trading was MUCH lighter today than normal…mini SP volume is normally above 1,000,000 contracts per day. Today volume was approx. 300000.

I suspect the lower volume to continue until next Tuesday when we start trading for 2018.

Don’t confuse low volume with “dead price action”. The lower volume can sometimes help exaggerate price moves when certain news or events take place.

The market of today, was definitely crude oil (yes not bitcoin futures this time…). The front month, February touched 60.01 for the first time in
months, maybe couple of years…

Daily chart for review below:

Crude Light(Globex), Equalized Active Daily Continuation Daily Chart

Good Trading!

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Futures Trading Levels

12-27-2017

Contract March 2017  SP500 Nasdaq100 Dow Jones Mini Russell BitCoin Index
Resistance 3 2695.83 6550.50 24908 1558.63 18758.33
Resistance 2 2692.67 6521.25 24853 1554.47 17447.08
Resistance 1 2689.83 6490.75 24817 1551.73 16606.42
Pivot 2686.67 6461.50 24762 1547.57 15295.17
Support 1 2683.83 6431.00 24726 1544.83 14454.51
Support 2 2680.67 6401.75 24671 1540.67 13143.26
Support 3 2677.83 6371.25 24635 1537.93 12302.60
Contract Feb. Gold Mar. Silver Feb. Crude Oil Mar.  Bonds Mar.  Euro
Resistance 3 1302.2 16.99 62.10 152 22/32 1.1997
Resistance 2 1295.3 16.81 61.05 152  8/32 1.1979
Resistance 1 1291.5 16.71 60.41 151 27/32 1.1959
Pivot 1284.6 16.54 59.36 151 13/32 1.1941
Support 1 1280.8 16.44 58.72 151 1.1921
Support 2 1273.9 16.26 57.67 150 18/32 1.1903
Support 3 1270.1 16.16 57.03 150  5/32 1.1883
Contract Mar.  Corn Mar. Wheat March Beans Mar. SoyMeal Feb. Nat Gas
Resistance 3 355.9 431.8 986.33 324.97 2.86
Resistance 2 354.6 429.3 980.17 323.13 2.81
Resistance 1 353.7 425.8 975.33 321.27 2.73
Pivot 352.3 423.3 969.17 319.43 2.68
Support 1 351.4 419.8 964.3 317.6 2.6
Support 2 350.1 417.3 958.17 315.73 2.55
Support 3 349.2 413.8 953.33 313.87 2.47

Economic Reports, source: 

http://app.bettertrader.co

Economic Reports - December, 27th 2017

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

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