Friday, August 10, 2012

Crude Oil Pullback

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ITZ was targeting $95 on WTI crude oil as a reversal level.... hitting $94.73. Downside target $92 - $91.68 hit in futures. Getting a bounce here support/resistance $93.20. Crude continues to trade within an ascending channel, further selling could send it lower to $89-$88 level. ITZ suggests using Proshares SCO in shorting oil and UCO for long positions.
The price of oil is lower on fresh concerns about the Chinese economy and a lower forecast for global demand for crude. link
click on chart to expand image

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