QM/CL August crude oil has trendline support at 57.80. There is a possibility we hit 57.08, the 23.6% fib projection from May and 10 day ema. We also have fib support off June high starting at 57.375, so there is a rather broad zone between 57.10 and 57.80. A daily close below the trendline support would be a red flag for bulls with a quick trip to 55.80 or so. The chart is very bullish and a buy on dips, just manage your stops wisely as we've had quite a run.
click on chart for full size
click on chart for full size
This entry was posted
on Wednesday, June 22, 2005 at 6:21 PM.
