NickBlack

Weekly Journey X - Range movement, breakouts, support+resistance

NYMEX:CL1!   Light Crude Oil Futures
As you can see, there are 4 important points that might be the crucial checkpoints tomorrow.
Predicting that Nr. 1 is a 99% probability (the only way we can pass that range is if it gap opens
up or down by +-40 cents). Nr. 2 has 45% probability from Nr.1, Nr 3 has 55% probability from Nr. 1.
Nr. 3 has 75% probability from Nr. 2, with 25% probability of a continuous move downwards.
Nr. 4 has a 55% probability from Nr. 3, with 45% probability of a continuous move upwards. At Nr. 4,
there is a 60% chance of staying in range, and moving upwards, and a 40% chance that we will see
a continuation of moving downwards.
- Percentages are derived from my personal research that include news, "smoke", data,
recent movement, fibb lines, medians, support and resistance strength, fake/true breakouts and more.
They are also strictly my personal opinion. -
Probabilities and statistics are always part of my work, which I will publicly incorporate into
charts from now on after testing them for a month privately.
Nr. 2 is a very good point for a Long entry, Nr. 3 would be a decent Short entry, whereas Nr. 4
might be a solid Long entry if the MLH holds (staying in range) with a tight S/L.
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