ckn
Long

CRUDE OIL : Support at Gann Arc

NYMEX:CL1!   Light Crude Oil Futures
414 0 2
Have annotated the current decline in CL1 with Gann angles and arcs. Usually, the first good support during a drop is often seen at the third double arc and this is found to be the case in Crude chart. Hence expect this low near $53-54 to hold for some time.
Following a bounce at the third arc, prices generally show a tendency to move back towards the 1x1 angle line. This is placed around the $78 level currently (moving lower). Hence rallies may have a max extent around 75-78 in the weeks ahead.
Larger degree trends continue to remain down. Hence only a rally is expected to unfold in the weeks ahead. Such rallies can be traded in the short term while longer term players may use rise into resistance to short later.
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