CL trading day Sept 15 2017

posted in: Market Recap 0

Rotating day …

Please note that I have switched to the November contract this morning.

As I mentioned in my blog yesterday the rally high at 50.58 ( November contract ) would be a key level to watch.

Acceptance above it would keep the daily bull trend intact and we could have a shot at yesterday’s high. Acceptance below it would keep yesterday’s afternoon bearish mood and could start a period of balance or reversal having the closing gap level as a potential short term destination

As it happens very often on Fridays the market was really slow with no volume and no interest. We could feel the rotation coming. As we accepted price below yesterday’s rally high the expected scenario was bearish. We had a few opportunities to sell near the 50.58 level in B – C – E -F- K periods.

Remember on rotating days we look for singles and doubles. The low of the daily range was a good target for the shorts.

Next week I will be on vacation. Daily blog will resume September 25 2017.

 

Good Trading !