Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Cannon Trading / E-Futures.com
Crude Oil has been moving the rest of the commodities sector the last few months and has influence on all futures.
Thought I would share a daily chart for review, along with a screen shot of the crude oil set ups I share in my daily live day-trade signals service.
As far as longer term direction for crude, I will need to see which level we can break out first, 104.91 on the upside or 94.54 on the downside. In between, you have wide 410 trading range ( equal to $10,000 per one contract against you or in your favor….)
Daily mini S&P trading chart screenshot from today June 6th, 2011
Intra-day trading chart screenshot from today June 6th, 2011
Intra-day chart: (blue diamond = potential buy, red diamond = potential sell)
Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Day trading can be extremely risky.
Economic Reports Tuesday June 7th, 2011
IBD/TIPP Economic Optimism
Consumer Credit m/m
Fed Chairman Bernanke Speaks
FOMC Member Dudley Speaks
Economics Report Source: http://www.forexfactory.com/calendar.php
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 herein 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 judgment in trading!