NYMEX:CL1!   Light Crude Oil Futures
94 3 4
If it breaks then retraces I'm gonna short.
From what I've learn, a support or resistance must be tested at least 3 times to be good, like in your sketch where 54.20$ is a good support/resistance.
While this can be true new levels can be identified slightly earlier it's just a little harder. It's as much about it being a level as the market viewing it as a 'turning point' it is hitting the previous low. I believe the potential rise won't be by very much with my target at '46.84'
andberg morgansadinosaur
Well, I made some little work this morning and I think that we could have a support around 41$+ if we look back to oct 1990, march 2015 and aug 14, 2015 with RSI rising on monthly and weekly (bullish divergence)
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