Today’s trade was a dull end to the week and January. Today’s action saw March crude oil trade within yesterday’s trading range and it settled at 33.62. This formed a Doji candle. In my opinion, the candle shows the difficulty traders faced today as price action was firm in the early trade as Japan announced it will push interest rates into negative territory. Iran then announced it won’t support a supply cut and it won’t support an emergency OPEC meeting. Crude oil fell on this news, making its low for the day at 32.65, once again just below Monday’s high of 32.74, finding support and grinding higher as US Equity markets took off and rallied all day, ending the on its highs. Crude ended the electronic session at 33.74.
CLH16
High – 34.40
Low - 32.65
Last - 33.74
Pivots for 1/29/16:
R2 35.35
R1 34.54
PIVOT 33.60
S1 32.79
S2 31.85