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Crude Oil Futures ~ November TA V2 (4H Intraday)

Light Crude Oil Futures (NYMEX_DL:CL1!)  
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NYMEX_DL:CL1!   Light Crude Oil Futures
Trend Analysis Supply and Demand Fibonacci Crude Oil Futures WTI (CL1!) Crude Oil Crude Oil WTI Crude Oil Brent Commodities oott chartanalysis Technical Analysis parallelchannels
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trendanalysis supplyanddemand fibonacci cl1! crudeoil usoil ukoil commodities oott chartanalysis technicalanalysis parallelchannels
CL1! chart mapping/analysis.

Note: TradingView chart B-ADJ adjusted for contract changes.

What's on the chart:
  • Converging parallel channels (light blue) aka diamond box pattern, framing price action into a pennant formation on higher timeframe.
  • Descending parallel channel (white) emphasizing current downward trend since late September peak.
  • Fibonnaci levels highlight key support/resistance zones.
Short-medium term outlook:
  • Sharp reversal (short-squeeze?) from over-selling after breaking out lower range of parallel channel (white).
  • Bullish reversal = rally back above 50% Fib.
  • Bearish continuation = further selling below previous low towards 78.6% Fib / lower range of parallel channel (light blue) confluence zone.

Watch for commodity trading trend/sentiment in either direction - leading into upcoming OPEC+ decision re: 2024 supply cuts, TBC.

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Crude Oil Futures ~ November TA Outlook (4H Intraday)
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