Crude (CLJ3) Awakening?
Crude Oil has traded very well in the last session, finding support just below $91 but allowing traders to continue to play the range between 91 and 92. The high this morning is 92.28 and above the 100 and 200 day moving average as the market sits at 90.90. Look for a close above this level to signal a further test to 94.22. Crude has done a terrific job in the face of oversupply worries and a stronger dollar. Given though, a strong equity market that has been boosted by strong jobs data has helped Crude hold value. Keep an eye on the Euro this morning as it is hugging the 1.30 level, if we see the market trade below here look for pressure to push Crude back towards 91. Additionally, profit taking in the equities will also dictate Crude prices. Continue to play the range and if it doesn't work, get out. Buy the DIP and SELL the Rips. Look for a re-test up the upper part of the crude channel around $94.30 …a close above that level and we re-test $95.50
Resistance -91.92-92.10****, 92.54***, 93.25*, 93.99-94.22**
Support -90.98 - 91.05**, 89.82-90.00**, 89.12**, 88.90*
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