Tuesday, May 15, 2012

CLN2 held the YPP

Looks like crude oil found support on the Yearly pivot point(YPP). Pro oil traders must be using yearly pivots charts. Bull harami pattern today is bullish on  the YPP. I read that they are going to reverse the oil flow from Texas to Cushing, OK this week. I'm not sure what effect that will have on prices. After falling 15% from the high this year, we shoud see a short covering bounce soon.