Wednesday, July 15, 2009

Crude on support

Crude oil has traded between the yearly r1 pivot at $73(pink line) down to the yearly P(yellow line) and the monthly s3 pivot at $58.40. Today crude oil is retesting the monthly s2 pivot, and a bottom. Look for more upside to $64-$66. Traders use pivots as there entry and exit targets.....or as support and resistance targets.