The Trader Daily


Bob Byrne

 | Jul 14, 2014 | 7:30 AM EDT
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Due in large part to the generally choppy price action in oil that's persisted throughout 2014, I've opted to avoid the crude market over the past few months. That said, in recent weeks the contract has slid from near $108 per barrel to $100.50, and that move shouldn't be ignored. 

WTI Oil Futures -- Daily Volume Profile Source: eSignal View Chart » View in New Window »

The first thing to note on the chart above -- for West Texas Intermediate crude oil -- is that the price broke through its multi-month resistance in mid-June. Following two-plus weeks of consolidation and repeated back-tests of the prior resistance breakout level, roughly at $105, the market's bid softened and crude slid back down through the breakout point. In market-profile parlance, the price broke balance to the upside, but then failed to sustain the break and slid back inside its prior area of balance....381 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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