NYMEX:CL1!   Light Crude Oil Futures
339 2 18
Today i believe that oil             broke out of it's lower daily trading range and wills start to work on completing its journey back into it's super trading range - 50.37-55.12 as it closed the day above it's previous weekly breakdown level of 50.85 and above the June 2014 channel line.

I am anticipating that prices will make one more swing up to the 52.75 (.5 mark of the upper trading range) -53.04 level; Prices are working towards a mid term run staying above the upper TR             50.37 price, however in the even of a break below, perhaps due to high USD/FOMC, swings back to 48.6 (near the midpoint of the lower trading range) are likely. Overall, i see a potential range of 48.6-53.04 short term into Jan 2017. You can zoom out to see the Feb 2014 clusters I am looking for a possible repeat of.

I will be shorting the 52.75 level and will then base shorts or long off of the 50.85 daily close level. Prices below 49.18 (.75 mark of the 45.62-50.37 Daily TR             ) are in the buy zone

This is observational and not a specific trading strategy.
Good trading all!
Comment: I am looking for one more intraweek swing up to the 51.5 level from here
snapshot
If I were you, I won't do any shorting until $55.

The dollar could fall hard on FOMC, whether they raise the rate or not.

Good analysis anyway.
Reply
@coolingla, that is good advice, the previous high cluster from july '15 has a 55 high; thanks for the comment
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out