ChargingBull
Long

CL1! Long short-term set up BULL FLAG STRATEGY

NYMEX:CL1!   Light Crude Oil Futures
376 10 3
Hey all hope you are having a good evening. We see a upside from here in oil             , definitely in the short term. We have a beautiful bull flag forming on the daily. We have surpassed the support in the Volume-Price action in the 30.23-32.23 area. The bull flag is resting on the bearish trendline . If we don't breakout tomorrow we will continue in that bull-flag channel. Estimating ~6% move up or down. Invest wisely.
We hit an arbitrary Fibonacci level at 11:00 EST @~$31/barrel.
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brake out target 6 % from 30.23 ?
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From Wednesdays close.~32.27, 5 day target (including weekends).
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AMBRISH ChargingBull
thanks.
+1 Reply
After today/Fridays price action do you think upside still exists strongly or is the move finished?
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The upside still strongly exists. The move has not finished. We are consolidating; more to come.
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are you worried about the inverse daily hammer?
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No I am not. It is the consolidation. I will post a new chart later explaining why.
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tbuckle PRO ChargingBull
Thank you I look forward to it. What's the lowest you think we can go from here?
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Technically ~$26/barrel if we hit a bottom bottom. Short term $32/barrel and some basis points. I have published a new chart here:
5 Wave Elliott Wave Analysis Long Oil
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