Review of CRUDE OIL FUTURES (US@CL.1)
as of Monday, June 27, 2011
Today's Price Action
Change -0.2600 (-0.29%) prices closed lower than they opened. with strong Bids going into the close.
A hammer occurred (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold (which appears to be the case with CRUDE OIL FUTURES) to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.
A hanging man occurred (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend (which appears to be the case with CRUDE OIL FUTURES) it is called a bullish hammer.
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: -32.57
Swing Vix: -32.10
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 0 period(s) ago. This means that negative momentum has entered the market. Expect sideways to lower prices within the next 3-5 daysThe 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 38 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The security price has set a new 14-period low while the Swing Vix has not. This is a bullish divergence. Since the PulseScan leads the market 3-5 days out we will wait to see if an upside breakout occurs.
*Since the last Swing Vix signal, CRUDE OIL FUTURES's price has been unchanged, and has ranged from a high of 91.30 to a low of 89.61.
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. - 92.79
The close is currently Below it's Long Term TRENDLINE RETRACEMENT. - 91.38
The close is currently Below it's Intermediate Term TRENDLINE RETRACEMENT. - 99.17
The close is currently Below it's Short Term TRENDLINE RETRACEMENT. - 93.62
INTRADAY PRICE PROJECTIONS
RESISTANCE 91.38
SUPPORT 89.53
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 95.70
PulseWave BreakOut SUPPORT - 91.14
Long term Trend Line resistance is currently at - 92.79
Long term Trend Line support is currently at - 70.76
BEAR MARKET DOWNTREND - (12-18mo) PRICE TARGET = 26.69
DEFLATED BUBBLE PHASE I - (24-36mo) PRICE DESTRUCTION TARGET = -17.38
DEFLATED BUBBLE PHASE 2 - (42-60mo) (PANIC SELLING EXTREME FEAR) PRICE DESTRUCTION TARGET = -61.45
DEFLATED BUBBLE PHASE 3 - (72mo+) (THE STOCK WILL PROBABLY BE DELISTED AND/OR FILE FOR BK 11) PRICE DESTRUCTION TARGET = -105.52
VOLATILITY
On 6/27/2011, CRUDE OIL FUTURES closed
above the lower band by 10.1%.
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