Thursday, 23 June 2011

June 23, 2011 Part 1

I would have predicted that the price would fall to about 91.50 on the Light, Sweet Crude Oil Futures contract, but when I woke up this morning it was already down to 90.33! It fell 412 pips! Amazing.
I haven't looked at the news to see if Greece defaulted or something, but it sure seems like something big happened in the news.

I found a much better MIDAS indicator on the net last night, and it seems to be working out quite well, even in today's huge dive (you can find this indicator on the Forex-TSD forum: This indicator is a lot more user-friendly, it seems to be fairly accurate... so far.

So, if the light, sweet crude market can fall to such low levels, it can probably fall a little further. But I would expect a bounce at some point. The greatest difference I've seen it bounce from is 500 points, so 89 would be my guess as to when it stops to bounce.

Major Support 1: 85.04
Major Support 2: 87.15
Minor Support 1: 89.55
Minor Support 2: 88.99

Major Resistance 1: 95.66
Major Resistance 2: 94.33
Minor Resistance 1: 91.84
Minor Resistance 2: 91.26