Due to a lot of request, we are going to start posting charts for Light Crude Oil Futures.
The magical question is oil going to reach 100 by end of this year? All the resistance values are shown on the chart. Today, it hit the first major resistance value and price bounced right off it.
We are technical traders so we are going to let the charts tell us what is going to happen. Right now, no conclusions as far as the direction can be taken. The sentiment is bullish but there is no possible trade at this time. Any trade taken is like “flipping a coin” for a 50/50 chance. We are looking for high probability trades. We have alerts set at 98.15 and 87.79. Once the alerts are triggered, we will look for a possible trade setup.
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