Master Che's  Instablog

8/21/12

1:00EST

Crude:

Down to 97.01/97.05 this level is quite pivot; no bounce then down to 96.41

10:00EST

Crude: Also still early but we could have a big miss; meaning it should have reached 97.87 (reached 97.85) on the high in order to flip over the bearish compression (short covering) to bullish compression; not reaching 97.87 is potentially a large decline (94.97 - minimum although more likely 88.97)

9:00EST

Crude: (October contract)

I show from 97.87/97 we step up one notch on the resistance ladder; up to 98.51; we reached 97.85; in addition my intra day time cycles show that in 70 minutes this up time cycle expires; meaning it either extends or reverses

7:00EST

Crude: (October contract)

Big picture: The move is up to 107.19/107.88 (min.)

Smaller picture: we're now at a tricky level; this level has 2 daily resistance pivots and one weekly resistance pivot

Resistance pivots:

97.27 (Daily)

98.45 (Weekly)

99.53: (Daily)

At the same time the weekly close is profound important, in the event we close at 96.14 or higher; then it should go parabolic up to 102.74 (min.) and more likely 103.92 but until this Fridays close and in light of the three different resistance pivots the weekly close is quite far away

All three resistance pivots warrant an increased volatility

First level - 97.27 (daily close)

Second level - 98.45 (weekly close) from 97.87

The volatility should begin from 97.29 to 97.97;

Today's closing price is quite pivotal, a close at or above 97.27 is bullish and means it continues up to 101.14

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