Short Oil Traders Continue to Feel The Pain: Ilczyszyn
iiTrader Founder & Chief Market Strategist
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.
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***