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CL

Oil, CL, day trading for July 22netoday the overnight move is long and is trying to find itself, meaning no clear direction has been established yet. I will be look to see what side of the chop zone oil breaks out of and the target I will play for are marked with the blue lines. If had to pick a side right now would lean a bit long. There are a few smaller items of interest on the chart and will see how the market acts around them and if they come into play will mention in follow up notes.
FX:USOIL
by alleytrader
oil, cl, day trading for July 18thAfter a very big day down yesterday a smaller range day would not be a surprise, i have plotted out the S and R lines and shown 3 possible paths. primary idea in Red shows a consolidation range bound trade with the upper and lower boundaries marked, if we move below the lower boundary is idea 2) in Green and shows us moving down to possible area of 56.11. and then third idea is in blue and is a bullish idea and most likely will not happen until some early choppy action. So today could be real easy or pretty hard to get a good indication of the markets intent
FX:USOIL
by alleytrader
oil, cl, day trading for July 17thAfter a big move yesterday I think we either consolidate in a tighter range near the prior days low or we do a 50% to 78% retrace back up to the prior days over night session. The chop range is small between 58.07 and 58.37 with a bigger trade range of 57.65 and 58.60. staying below 58.60 would give me the thought we stay in the lower part of this range and above that point takes me to the 59.45,.55 range. will remain on the look out for a further down move if we can get oil below 57.46
FX:USOIL
by alleytrader
CL, oil day trading for July 12thToday we are currently trading in the bottom end of a upper distribution and the bottom of that distribution is very important to my trading direction, as long as we are above 60 to 60.14 area I lean very hard on the long side and will not look at short trades until below that line in the sand. the upper resistance is at 60.78 to 60.85 and until above that will only expect range style action. In the event we break this zone the upper and lower targets will come into view.
FX:USOIL
by alleytrader
CL, OIL< Day trades July 2ndover night action is reasonably balanced and is sitting on lower break down area as of this typing. will look to see if we range trade or break down at 58.20 area. if back into the that looking for the top of range at 59.40. So will lean long over the range top and short under the range low. Upper target is 60.20 and lower target is 57 The 58.20 and 57.80 will be possible bounce points and also rejection points, so a plan will be if we break down does the support become resistance and if so that is a good stepping off point.
FX:USOIL
by alleytrader