OMNI Trading Academy :: Forum

7/29/2009 1:46:52 PM 77 Posts: 0	as i mentioned in the EC post, losing embedded status on the indicators, or all indicators 'coming off the roof losing their overbought status, implies a test of 18MA to correct indicators back down 6/23 low at 67.22 now the resistance 8)
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7/29/2009 10:39:34 PM 77 Posts: 0	it appears that the fundamentals of large supplies in inventory are taking crude lower and when coupled with the stronger US Dollar, is resulting in a buyer’s strike across the entire commodity complex. That has taken the CCI (Continuous Commodity Index) down near its 50 week moving average on the price charts which is also quite close to the 50% Fibonacci retracement level from last December’s low to this June’s high ****Oscar did mention today that it had been in his reading while on vacation how the storage was full of crude oil across the world, and even opec was predicting lower prices 8)
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7/30/2009 4:16:06 PM 77 Posts: 0	the 63 fib turned out great, low today was 62.77 we're trading sept contract now 67.30 is where the 50MA is located, so seems big resistance up there 8)
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7/31/2009 2:30:01 PM 77 Posts: 0	Oscar had mentioned DX to 78.88 in his homework for weekly goal, we got there a few minutes ago and are bouncing looking at USO the oil etf, it had much more volume on the down day than the bounce day yesterday, so it looks like sept crude will not have an easy time with the 50MA and former swing low from 6/23 which are above 67.0 8)
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8/4/2009 10:24:09 PM 77 Posts: 0	api data is tuesdays after close, then we get the other data weds. this just hit the tape: NYMEX-Crude rises after surprise API stock draw-- Reuters... CLu at 71.70 now, with 6/11 high for sept contract at 74.66 8)
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