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Short Oil Traders Continue to Feel The Pain: Ilczyszyn

Crude oil has extended to new highs reaching $98 and seeming to attempt to reach out next target at $98.79. You must follow the U.S. dollar with Wednesday's data in order to trade crude oil.

Additionally, with equities on the war path, higher crude should follow suit. This market will remain bullish all the way down to $93 and I can see a healthy consolidation above that level.

Stephen Strathdee | E+ | Getty Images

It looks likely $100 is in the cards, and a rise to $103 would complete a $10-range move.

Previous highs at $96.92 to $96.97 should now act as support.

A move below $95.47 the higher low two days ago will initiate further liquidation to test major support at $94.95. If you are long from our alert trade, roll your stop up to $97.39 in the CLH3. This will lock in a $500 gain.

Resistance: $98.33***, $98.79*, $99.56

Support: $96.92-$96.97, $96.20*, $95.47, $94.83-$94.95***


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