CLJ6 (April contract) by MMTA apprentice Nitin Bhandari. Wednesday`s close was bullish. And the close was above the daily trend indicator point for the consecutive 10th day which means it remains in a trend run up.
The daily trend indicator point is now at 37.35. It will be downgraded to neutral if Thursday`s close is below it.
Daily Support is 36.85-37.16
Daily Resistance is 39.12-39.43
Bullish cross over zone remain in effect at 26.93-28.09.
Crude closed below bullish crossover zones at 36.71-36.89, 39.27-40.61, 50.22-50.76, 54.11-54.74, 79.93-80.38, 88.94-89.28, 90.60-90.70, so these are resistance now.
Bearish crossover zones remain in effect at 38.98-39.05, 54.72-56.30, 58.11-58.60, 62.44-62.84, 64.44-65.04, 73.17-70.09, 75.76-76.20, 83.98-84.84, 93.02-93.62,108.67-109.03.
Crude closed above bearish cross over zones 35.28-35.44, so these act as support now. Position traders may stand aside.
Aggressive traders are short at 37.00 +/- 0.50 with stop loss on close above 38.50. Look to book 1/3rd profits at 35.00 +/- 0.50.
Disclaimer: These comments are given to serve as a guideline for traders for each day. Comments and/or recommendation are based upon prices at end of the day. Traders are advised to use these only as guidelines – and use intraday analysis to establish positions in directions of comments given, so long as those support/resistance (entrance) areas) look favorable according to intraday analysis as well. Support and resistance are areas for day traders to look to buy and sell intraday. No guarantees are made for accuracy. Futures trading involves risk of large loss as well as large gains, and reader is solely responsible for any actions taken in markets, and neither the author nor publisher assume any responsibility whatsoever for reader’s decisions.