After peaking a 54.24 (4 cents above the bottom the aforementioned resistance zone) , CL (March crude futures) has now almost completed the expected pullback to the 50.00 support level. My expectation remains a reversal in crude at or slightly above the 50.00 area, where a long entry with a stop not far below would offer an objective bounce trade. Previous (yesterday afternoon) and today’s updated 60 minute charts below:

Keep in mind that one could trade any of the various crude oil tracking etfs (USO, UCO, OIL, etc…) in lieu of crude futures. As my focus have been on trading oil & energy related stocks lately, I just wanted to post the charts that I am following along with any significant developments that stand out. Also note that the recent SCO pullback trade off the highs mentioned yesterday as well as this CL/USO bounce long setup are not listed under the long or short trade ideas categories (i.e.- they are not official Trade Setups or Active Trades).

The majority of trade ideas on RSOTC are swing trades and longer-term trend trades/investments, which comprises the bulk of my personal trades and focus. However, depending on market conditions, I will often take advantage of very short-term trading opportunities, such as quick bounce trades off support & pullback trades off resistance. The expected holding period on these trades is often measured in hours, not days, weeks or months as with most trade ideas posted on the site. As always, it is up to each trader to decide which trades fit their own unique trading style, risk tolerance and skill sets and pass on those that do not.

On a related note, I was considering looking into the possibility of adding a Twitter feed to RSOTC in order to expand the quick access to timely posts, such as this. I also have a few tips for those signed up to receive email notification that should allow for even quicker receipt of new post notifications (although the email notifications are typically sent out within seconds from publication of each new post). Those tips to follow shortly. If you would be interested in receiving new post via Twitter, please let me know via the contact form (click here).

-Randy Phinney