Post 100+ Close Crude Chart (USO)
|5 min CL|
A close over 100 is something that has eluded the crude market the past month and half or so.. but we got it today. The 101.77 high was achieved after nearly 3 sessions of sideways action. 100.15 was the upside resistance which had been tested last thursday and friday numerous times only to find sellers above
the 103.50 level is a level i am watching to be taking out for this ‘rally’ to continue. if not we could fall back to the 95 level in quick time.
Crude is very much disconnected from its past 3 year positive correlations to equities, but it is a light week of trading and volume will come back mid next week.
Financials are fairly weak today…