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FuturesPros Daily Analysis March 3, 2010

Crude Oil Visual Trading Update


Current Trading Plan:

Position: OUT
Last (01-03-2010) Closed position @ 79.00 (+$0)
Long: Above 81.00
Short: Below 79.00
Exit by Stop Loss: --

Technical Indicators Notes:

Last time we said: "Range bound. At the highs. It is a wide range, but a
range nevertheless. Usually, ranges are continuation patterns, so we have a
bias for the LONG side, but because it is so well defined, and because
ranges are all over the place, we want to wait for more hints."

No big change. If you consider the move in GOLD, this asset is in sleeping
mode, while being in the same asset class: commodity. (Look in GOLD
commentary for more). We have drawn, two small new trend lines that show a
potential for the downside, and therefore we set our SHORT entry level
higher.

RSI-STOC Combination: Neutral.
ATR: Getting to a level where volatility starts to increase.
MACD: Daily in a positive setup and momentum but H4 indecisive.

Charts Legend:

In Price Window:
Simple Moving Average (20): Green
Bollinger Bands (20,2): Violet
Support & Resistance price areas: Pink and Light Green areas
Trend lines and Channel Boundaries: Blue
Elliott Waves Counts: Black and Blue numbers

In Indicators Part:
RSI (10): Blue, STOC(5,3,3): Green, ATR(5): Blue
MACD (12,26,9): Blue, Signal: Red, Histogram: Green
Indicator trend lines and effects: Magenta

Signals:

Long:  Above the Green line
Short: Below the Red line
Exit position: On crossing the Cyan line
SL in case of triggered level: Dashed Cyan Line

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Futures trading analysis written by Moshe Shalom for FuturesPros.com.   

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Disclaimer
Trading Futures and Options on Futures and Cash Forex transactions involves
substantial risk of loss and may not be suitable for all investors. You
should carefully consider whether trading is suitable for you in light of
your circumstances, knowledge, and financial resources. You may lose all or
more of your initial investment. Opinions, market data, and recommendations
are subject to change at any time.