A 5min & 30 min look at the Crude oil chart | $CL_F |
Crude failed the 88.04 metric about 15 minutes into the cash session after melting higher most of the overnight session.
This pattern of melt-up then sharp sell off as cash session gets going is one that manifests itself more often than not.
88.57 is up trending 5 hour support as you can see in the chart above which is the February contract. The high to watch for buy stops over is clearly 88.38. Under 88.55 we could see 87.27 come up quick as supports quickly fail. Gold has already taken out its overnight low as i typed this blurb up, seems to want to sit on 1690.
|30 min CLG3|