Crude Oil Daily - The horizontal line shows the prior breakout level. If you look closely you can see how oil gapped above this horizontal line. A close (or an Open) below this key level puts the bulls under pressure and causes us to now hold a bearish only bias for the rest of the week.
Crude Oil 120M - Price initially respects the technical support level before showing clear price action rejection and closing below today's major support attemp. Crude Oil now must flirt with the final support level. We should see sideways consolidation along with a breakout in either direction. Price is likely coiling into the Wedensday inventory report.
Trading below support. Why would you go long right now?
This mornings analysis showing the 52.30 breakout level. Oil traded straight into price magnets as per this mornings youtube video analysis and continued lower as expected for a total max fav excursion of 133 ticks, or $1330 per contract.
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