Issued: 09/11/2014
Nov. crude oil:
1. Continued test and 240 minute or especially a daily close below either $92.40 – $65 makes those levels short selling territory for a tradable multi-day decline and test/attempt at $90.60 (or lower).
2. Aggressive can sell short upon any touch and hourly close below $92.40 – $65.
3. Initial short position exit should be taken at/near $91.90, further exit at/near $91.25, and a final exit at/near $90.65 against the $90.60 target.
4. Initial protective buy stop should be placed at $93.14. This stop will be moved lower as the market continues to confirm. Will update.
David Williams
Issued: 09/12/2014
Nov. crude oil:
1. Yesterday’s (Thurs., Sept. 11) Nov. crude oil report indicated that any test and hourly, 240 minute or especially a daily close below either $92.40 – $65 would make those levels short selling territory for a tradable multi-day decline and test/attempt at $90.60 (or lower).
2. Today’s Nov. crude oil tested tested $92.65 (today’s session high $92.66) and closed both hourly and 240 minute below that level. This indicated new short entry. Initial exit was taken at/near $91.90 as noted in the report (today’s session low, $91.72, so far).
3. Further decline remains indicated including a test/attempt at $91.25 then $90.60 final downside target, also noted in the report.
4. Protective stop should be placed at $92.45. This stop will be moved lower as the market continues to confirm. Will update.
David Williams
Issued: 09/14/2014
Nov. crude oil:
1. Friday’s (Sept. 12) Nov. crude oil session tested the $92.65 selling territory (Friday’s session high, $92.66) and closed both hourly and 240 minute below that level. This indicated new short entry, noted in our Thurs., Sept. 12 report. Initial profit was taken at/near $91.90, as noted in the report.
2. The next important profit-taking target was at/near $91.25. The subsequent swing low was $91.35. It is expected that secondary profits were taken at/near these levels.
3. Prior to continuing lower Nov. crude advanced and triggered our $92.45 protective buy stop (swing high, $92.46). While unfortunate, this resulted in a successful trade.
4. Lower prices remain indicated. Will message any reentry if the market confirms.
David Williams