Review of CRUDE OIL FUTURES (US@CL.1)
as of Monday, June 20, 2011
Today's Price Action
Change -0.3300 (-0.35%) prices closed lower than they opened. with strong Bids going into the close.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
MARKET SENTIMENT
PulseScan Swing Vix
PulseScan: -34.54
Swing Vix: -32.90
The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of 6 period(s) ago. The Swing Vix is below -29. This is where it usually forms Support. The Swing Vix usually forms Support before the underlying security.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Bought Sell 33 period(s) Ago.
The Swing Vix has just reached its lowest value in the last 14 period(s). This is bearish.
*Since the last Swing Vix signal, CRUDE OIL FUTURES's price has decreased 6.66%, and has ranged from a high of 102.15 to a low of 91.14.
MOMENTUM
MARKET TREND - Currently the TREND is VERY-BEARISH - Heavy Distribution.
TREND STRENGTH - WEAK - RANGE BOUND (Prices have ceased trending and have become consolidated at this time) The market has put in a short term bottom. This means that the bears are liquidating short positions thus taking some profit off the table.,
TRENDLINE RETRACEMENT
The close is currently Below it's PulseWave Cycle TRENDLINE RETRACEMENT. - 92.17
Today's Sell off pushed prices on the close below the long term trendline support - This is Bearish as the market is now under heavy Distribution.
The close is currently Below it's Long Term TRENDLINE RETRACEMENT. - 91.47
Today's Sell off pushed prices on the close below the long term trendline support - This is Bearish as the market is now under heavy Distribution.
The close is currently Below it's Intermediate Term TRENDLINE RETRACEMENT. - 100.41
The close is currently Below it's Short Term TRENDLINE RETRACEMENT. - 96.47
INTRADAY PRICE PROJECTIONS
RESISTANCE 93.23
SUPPORT 91.04
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 102.44
PulseWave BreakOut SUPPORT - 97.74
Long term Trend Line resistance is currently at - 92.17
Long term Trend Line support is currently at - 69.51
BEAR MARKET DOWNTREND - (12-18mo) PRICE TARGET = 24.19
VOLATILITY
On 6/20/2011, CRUDE OIL FUTURES closed below the lower band by 4.9%.
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