Note: If geopolitics do not heat up short term over the Hormuz Straight, then I believe prices will still test 75.3-75.6 this week; that would be a good level to take partial profits.
Long Entry: 73.82-74.12 (Entry is active)
Short Entry: 76.49
@kate25 We can rename the chair pattern the "Hormuz Straight Pattern" if this plays out. :)
If this does happen then I believe prices may enter a long term approximately 5 dollar sideways extended range, hitting strong supply levels but waiting 2 or 3 months for a larger pullback as heavy puts start to decay similar to the Nov 2016-March 2017 Range.
Good trading all!
A new chart will be published tomorrow prior to market open.
And switching to a Weekly chart, where Prices have reacted to the monthly levels, these are the Weekly Inflections.
And so here we have the Supply/Demand Levels created:
The same levels on a Daily chart during the 2014 Crash:
There was some initial buying in the upper zone, but the lower zone quickly became supply:
And now the Current view on the Daily chart, you can see why I am looking up to the 80 level: