WTI Brent: Sell the Rally

MrTopStep.com

WTI-BRENT
WTI-BRENT S2 S1 CLOSE R1 R2 TREND
DAILY -2240 -2170 -2109 -2060 -2000 DOWN
WEEKLY –2500 -2350 –2109 –2000 -1620 DOWN

Daily Moving Averages: 21, 55, & 100: -21.35, -21.91, -22.32
Weekly Moving Averages: 55, 100, & 200: -21.98, -20.12, –18.03
The arb was firming on the notion that the politicians would wrangle out an agreement on the fiscal cliff.
• However, that process appears to run its gambit.
• The model going forward into the early part of the week looks for Jan to retrace the move up from -23.50.
• There will be resistance at the -20.60 level, which marked the last week high.
• The initial downside objective for the retracement is -21.70 to -21.80.
• The extension pivot is -22.00.
• We are a seller of the rally. This will ideally be at the -20.80 level with a protective stop above -20.60.

WTI Brent

WTI Brent / Stanton Analytics


WTI Brent Weekly

WTI Brent Weekly / Stanton Analytics

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