MaryJane

Oil trading near action point

NYMEX:CL1!   Light Crude Oil Futures
759 1 33
The shortterm-uptrend is still dominant. At present we are trading near a Pivot Point , the twice tested supportlevel @ 46.6$ - here i exspect a "decision-making-move".

Resists: 47.5/48,35/49,1
Supports:45.28/44.5/43.4

Most of my updates are only up to date for my followers - i mostly update my ideas in the comments, not through another publication - so please follow me if you like to get updated every time! Comments are welcome and very helpful for me - Agree or Disagree.

Former View: Update Main View:
snapshot

https://www.tradingview.com/chart/CL1%21/684zvCkk-Update-Main-View/
Today we have reached the 61.8 fibo of the downswing 51,6-39,3 (yellow fibos). The open position is comfortable in the win (+7.25$).
At this fibo level a corrective downmove is possible (BBs are stressed out) - perhaps down to the "traders dream" - the 38,2 fibo from the movement ( 39,3-47,04) at 44             ,82$ - the former breakout level!
At latest here the present midterm uptrend in this tf should be resumed.
My Main view is still active!


Main view:
CAN THIS BE TRUE? DEZ 2016: 75$ ???
snapshot

https://www.tradingview.com/chart/CL1%21/Jjjwoqc5-Can-this-be-true-Dez-2016-75/
What do my tired eyes see?? Isn`t it a big bottom pattern in form of an exemplary H&S?
The RSI signs, that there is still a bit air on the downside. A dip back to the 38,2 fibo @ 41,92$ would be great. A dip to the 0,5 fibo normal and a dip to the 61,8 maximal.
If this level would be bought, a H&S is being formed. Prices above the neckline could interpreted as a BIG LONG SIGNAL.
I have illustrated the possible TPs in my chart

Comment: down to the action point again?
snapshot
Comment: decided to fall
snapshot
Comment: this chart, sorry
snapshot
Comment:
snapshot
yes
Reply
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