In the earlier video (see above), I spoke of the key swing area in the crude oil at a swing area between $82.35 and $83.32. Since then the price moved up but only to $83.37 – just above the high of the swing area. Since then, the price has rotated back down over the last few hours of trading and currently trades at $82.41. The new low for the day just reached $82.12.
So the swing air was broken, and failed with a price currently above the $82.35 level, but we aren’t exactly running to the upside.
This $82.35 level is key for both buyers and sellers. Traders will be looking for clues around it in the short term. Be aware.
This article was written by Greg Michalowski at www.forexlive.com. Source