Oil Weekly Inflection Zone - Intra Week Update
Note: This is not a short trade; rather a potential buy level if prices see a pullback this week and is not active unless prices touch 44.87.
It may be very premature publishing this chart as oil has continued its bullish run and not yet shown any sign of a pullback; however, I am expecting a pullback to occur around rollover week. I'll be looking for consolidation in this circled zone between 45.92 and 44.6. Keep in mind the approx .7 spread between current and front month contracts and as I see 44.87 as a solid support level, we may see prices dip into that sweet spot as rollover into the October contract would elevate prices right back above the 44.87 support level on this continuous chart. That being said, I am willing to keep a deep stop and start my buying process between 44.6 and 44.9. Please manage your own stops according to your own risk level.
If this consolidation occurs and is followed by a break up back above 45.92; I'll likely be updating the intra - week charts with this same chart only adding "Added Long Position" as I anticipate prices to continue up to the weekly inflection at 49.33; and I'll only be adding ,not closing position up to that level. But more on that following this consolidation.
Buy Level: 43.91-44.87
Target: 49.33
Good trading to all!
It may be very premature publishing this chart as oil has continued its bullish run and not yet shown any sign of a pullback; however, I am expecting a pullback to occur around rollover week. I'll be looking for consolidation in this circled zone between 45.92 and 44.6. Keep in mind the approx .7 spread between current and front month contracts and as I see 44.87 as a solid support level, we may see prices dip into that sweet spot as rollover into the October contract would elevate prices right back above the 44.87 support level on this continuous chart. That being said, I am willing to keep a deep stop and start my buying process between 44.6 and 44.9. Please manage your own stops according to your own risk level.
If this consolidation occurs and is followed by a break up back above 45.92; I'll likely be updating the intra - week charts with this same chart only adding "Added Long Position" as I anticipate prices to continue up to the weekly inflection at 49.33; and I'll only be adding ,not closing position up to that level. But more on that following this consolidation.
Buy Level: 43.91-44.87
Target: 49.33
Good trading to all!
Comment:
It does not look like this buy zone will happen as prices are finding higher 4 hr and daily support levels.
Comment:
Trade is void
