Continuous Crude Oil - Weekly: Price action turning lower at weeks end. Using the most recent Swing high to swing low retracements has crude falling short of the 162% primary target at 99.61.
The lagging indicator line (on the Ichimoku) is attracted to previous price action.
**The lagging indicator does not drive future price action.... Think of it like a car in the snow in a skid or fishtailing. The front tires are driving the car, but eventually the rear tires will come to the path of the front tires. Projected support/risk 6-12 weeks out at the 85.00-75.00 area.
Momentum indicators flashing overbought. RSI is showing divergence from the 4 Swing highs. (Higher highs in Crude Price action, Lower high readings in RSI)
A continued move higher will target 99.61 first then look at retracements above.
The lagging indicator line (on the Ichimoku) is attracted to previous price action.
**The lagging indicator does not drive future price action.... Think of it like a car in the snow in a skid or fishtailing. The front tires are driving the car, but eventually the rear tires will come to the path of the front tires. Projected support/risk 6-12 weeks out at the 85.00-75.00 area.
Momentum indicators flashing overbought. RSI is showing divergence from the 4 Swing highs. (Higher highs in Crude Price action, Lower high readings in RSI)
A continued move higher will target 99.61 first then look at retracements above.