Oil- Higher Weekly Low - intraweek support chart #3
Quite a reversal in prices today! Prices closed precisely on the midline of this weekly range today; which is neutral to the range; that being said... I am still biased to the short side; however, the DX which is generally inversely correlated to oil had a slight drop today and if that continues then oil may continue this rally. That being said, the EIA report was very bearish today and I believe that oil data will impact oil prices negatively if the DX holds at its support level.
Based on the last 2, 4-hour swings I am looking to long above 52.8 or short below 51.76; keep in mind if prices do drop, i'm expecting possible consolidation within the last swing prior to a breakdown. Target prices on chart; good trading all!
Based on the last 2, 4-hour swings I am looking to long above 52.8 or short below 51.76; keep in mind if prices do drop, i'm expecting possible consolidation within the last swing prior to a breakdown. Target prices on chart; good trading all!
Comment:
buy signal was hit, from a basic trend line perspective, the upper TL is being tested; if you are long this would be a good time to reassess and look for a break or resist. s3.amazonaws.com/tra...shots/2/21udrX79.png
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So far the trend line (i use closing prices) has rejected prices; if you are long, make sure your stops are in the green, this is looking like a possible s3.amazonaws.com/tra...shots/c/cUpk0syJ.png
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Rejection at that trend line appears to be strengthening; looking at more downside here targeting 51.33-51.85
s3.amazonaws.com/tra...shots/e/e0u16k5U.png
s3.amazonaws.com/tra...shots/e/e0u16k5U.png
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Another thought on this being a reversal; you can see on the original chart above that the weekly range midline is 52.37 - range midlines are important and prices generally end up consolidating around them prior to a break to upper or lower end of the range. I'm seeing a potential upside down 'chair' pattern here i learned from @kate25 who is an awesome supply/demand purist. Watch for price action around 52.37: www.tradingview.com/chart/lbk1uFml/
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update on the last chart; prices are back at the 52.37 pivot, the midpoint (major weekly inflection) on the original published chart above. If it breaks down i would expect prices to see first support at 51.8 level
s3.amazonaws.com/tra...shots/l/lymLwodj.png
s3.amazonaws.com/tra...shots/l/lymLwodj.png
Trade closed manually:
Weekend analysis, please see support chart #4
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