USOIL [10th - 14th Oct]

NYMEX:CL1!   Light Crude Oil Futures
186 5 2
Price did eventually break the consolidation pattern last week and is currently trading in the Supply Zone . Two key levels to watch include a strong confluence of fibonacci and the previous high at 51.70. The next resistance to look for out is at 55.13.
So....possibly all the way up to 51.70 before a deeper pull back. Pretty bearish action since Friday....at the moment sure seems like it wants to pull back with out hitting the resistance levels first. Any particular reason you see it going to new highs first?
akyong PRO tbuckle
it is definitely possible that it pulls back first before heading higher. The trade idea here is more of waiting for price to hit the 51.70 or the 55.13 area, and look for shorting opportunities. so if it retraces first, then can potentially look for opportunities to long around the 46.67/08 support area.
Ok, thanks.
So you don't think we have a much deeper pull back to the 46-48 Level??
akyong PRO tbuckle
i'm projecting price to hit the resistance before pulling back to the previous support level
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