Review of CRUDE OIL FUTURES (US@CL.1)
as of Thursday, June 30, 2011
Today's Price Action
Change prices closed lower than they opened. 0.1400 (0.15%) with strong Bids going into the close.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
PulseScan Swing Vix
Swing Vix: -26.10
The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed above the Swing Vix creating a UP Trend Channel as of 2 period(s) ago. The Swing Vix is not currently in a topping (above 39) or bottoming (below -39) range.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Bought Sell 41 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.
*Since the last Swing Vix signal, CRUDE OIL FUTURES's price has increased 2.17% , and has ranged from a high of 95.84 to a low of 90.44.
MARKET TREND - Currently the TREND is - The UpTrend is still entact with prices holding above trendline support at- 92.79.
TREND STRENGTH - ,
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 92.79
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 91.34
The close is currently Below it's Intermediate Term TRENDLINE RETRACEMENT. - 98.65
The close is currently Above it's Short Term TRENDLINE RETRACEMENT. - 93.73
INTRADAY PRICE PROJECTIONS
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 95.70
PulseWave BreakOut SUPPORT - 89.61
On 6/30/2011, CRUDE OIL FUTURES closed
above the lower band by 43.1%.
This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.