Crude Oil Futures Market Review and Daily Chart Analysis & Support and Resistance Levels 11.18.2021

November 17th, 2021 Filed under Crude Oil, Energy Futures, Future Trading News | Comment (0)

Dear Futures Trader,

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Crude Oil Futures Market Review and Daily Chart Analysis

Looking at both price and time FIB analysis, on the daily crude oil chart below (click here for LARGE IMAGE) I am showing a potential for crude oil to find support and have a short term reversal to the upside. I wont fight the short term trend and will look for a buy signal using 30 minute chart before I jump in front of this downward train…

What do I mean by that?

Daily chart still showing a good strength on the LONGER term scale ( see both Elliott Wave counts and trend strength). Short term we can see the strong sell of the highs made towards the end of October.

I ran both a Fibonacci retracement on prices from lows to high, as well as Fibonacci TIME retracement from the time of lows to highs to see the next TIMING window to look at.

We are getting close to a match on both time and price ( concept I was made aware of by Carolyn Boroden Strategies for Intraday Trading Fibonacci Retracements | Fibonacci Queen) so I will now look for a bullish trigger in the form of MACD cross over on the 30 minutes chart or possible turning up of RSI on the 30 minutes chart before simply trying my luck…..

As always the key will be risk and trade management if/when set up happens.

Keep in mind FRONT month for crude oil is now January! CLF22

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Good Trading

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Futures Trading Levels

11-18-2021

Economic Reports, source:

https://bettertrader.co/

BetterTrader Economic Indicators 11.17.2021

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.

FOMC Reaction in the Futures Market & Support and Resistance Levels 11.04.2021

November 3rd, 2021 Filed under Future Trading News, futures trading education | Comment (0)

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FOMC came out and stocks reacted with another leg up – what’s next?

FEDERAL RESERVE BEGAN

TAPPERING ITS $120 BILLION A MONTH PROGRAM.

$10 BILLION A MONTH OF

TREASURIES

$5 BILLION A MONTH OF

MORTGAGE BACKED SECURITIES

WAS:

$80 BILLION OF TREASURIES

$40 BILLION OF MORTGAGE BACKED

$1.44 TRILLION FOR THE YEAR

Gold sold off before hand and only bounced slightly.

Bonds sold off slightly.

Crude sold off the most but in my opinion it was API/ OPEC related and not FOMC related.

Many times, the real reaction to FOMC comes out the next day so price action, asset allocation across the different markets is important to watch.

If you are looking for other reference material please contact your Cannon Broker for lists of solid, informative and helpful trading tomes

Good Trading

Futures Trading Levels

11-04-2021

Futures Support & Resistance Levels 11.04.2021

Economic Reports, source:

https://bettertrader.co/

BetterTrader Economic Reports 11.03.2021

Crude Oil Bounce? & Trading Levels and Economic Reports for 6-06

June 5th, 2012 Filed under Crude Oil, Future Trading News | Comments Off on Crude Oil Bounce? & Trading Levels and Economic Reports for 6-06

Jump to a section in this post:

1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Wednesday June 6, 2012

Hello Traders,

Heads up traders! Front month for bonds, ten years and other financials is now September.

Front month for gold is August.

June is still front month for indices and currencies.

Tomorrow we have weekly Crude Oil inventories, which can usually move this market both ways pretty fast…

Crude has been in a very strong downtrend last couple of months and what I see in the below daily chart, is a chance for this market to bounce up a bit, maybe to the 88 area. The trend is still down no doubt (and it is a strong trend as indicated by 99 trend strength level in the chart), but it is rare that markets go up or down with a small correction and this is what I would look for if tomorrows numbers, or more important, market reaction to the numbers are bullish.

Daily Crude Oil chart for your review below: