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Crude Oil Strategy

Another day and crude oil USA open above term structure with no takers wanting to commit to the drive higher. The sell line gap committed the short and pushed the market to test Fridays distribution and price level of 51.73. First short dropped quickly so I positioned stop loss to aggressively and got removed from the trade for  +1 ticks.  Immediately the sell line gap was rejected but I did not enter the trade. Later in the afternoon for closing took the sell line short but no follow through.

Heating Oil December Open Position Short – HOZ7

Looking for crude oil to continue this failure to move higher. With this rejection the relative more expensive refinement product “Heating Oil” has my attention. I have place a position short in Heating Oil within my resistance zone of 1.8-1.85. A break higher than the resistance zone is a failed trade.

EOD Open Spread Positions

  • Crude Oil: CLF8-CLG8 

FYI: CLX7 In beginning stages of Rollover this week.