I wanted to provide an update for my 'Oil - Higher Weekly Low?" chart - Based on a daily range set in early 2015 that I use as a clone level (45.62-50.37) (see Gc or nMike for great clone charts)I'm looking for prices short term to drop to 51.56 level. Common in all ranges, the main meat of the action in a trading range is between the .25 and .75 levels, which is why I'm looking for the swing down. 52.75, the midpoint of this daily range and 52.44 the midpoint of the weekly range are major levels to cross and a daily and weekly close below then, I believe will bring prices to the bottom of each range. Similar to the weekly range target; I'lm targeting the midpoint of the lower daily range between 48 and 49; but I'll create an intraweek chart for that after 51.56 is hit.
Good trading all!
Trade closed: target reached
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Closed shorts here; please see support chart #2 for next setup