Crude Oil Visual Trading Update

Crude Oil Visual Trading Update
Current Trading Plan:

Position: SHORT
Last (12-01-2010) Closed position @ 81.50 (+$5.7)
Long: –
Short: Since 13-01-2010 @80.70
Exit by Stop Loss: @78.68

Technical Indicators Notes:

Yesterday we said “Nothing changed. Waiting for the rebound. Look how the 4H
RSI is confined in the 20-50 area. Bearish!”

More bearish action. Support has become resistance (4H) and this is where we
have moved our SL. In the 4H you have: RSI in bearish territory, STOC moving
down, ATR turning up and MACD under 0. In the Daily you have RSI still far
away from oversold, MACD turning down, and price consolidating under the 20
SMA.

Chart Legend:

Simple Moving Average (20) – Green
Support & Resistance price areas: Brown
Trend lines and Channel Boundaries: Blue
Indicator trend lines and effects: Magenta

Signals:

Long: Above the wide Green line.
Short: Below the wide Red line.
Exit position: On crossing the wide Cyan line.