Getting this chart up for a long entry at $45.41, based on the 50% retracement holding at $44.68. Based on the prior scorching downtrend, really wanted to make sure that this held first.
*My fib retracement tool is reversed to show extension levels*
Take profit: $49.33
Stop loss: $43.75
Floor trader pivot gave support on S1 at around $42.50-$43. Someone pointed out to me that the larger month-based floor trader pivot has S1 marked at right about $45, creating multiple support levels across multiple time frames (always the best trades to take).
I am always starting on the macro 1w and 1d charts before drilling down into the 4hr, 1hr, 30min charts. Oversold conditions for a while now, and some other qualitative factors make this a viable short-term long entry.
*My fib retracement tool is reversed to show extension levels*
Take profit: $49.33
Stop loss: $43.75
Floor trader pivot gave support on S1 at around $42.50-$43. Someone pointed out to me that the larger month-based floor trader pivot has S1 marked at right about $45, creating multiple support levels across multiple time frames (always the best trades to take).
I am always starting on the macro 1w and 1d charts before drilling down into the 4hr, 1hr, 30min charts. Oversold conditions for a while now, and some other qualitative factors make this a viable short-term long entry.
Trade closed: target reached:
Adjusting take profit to 48.65 because that is today's (Friday 1/4) daily pivot R2 level. We have substantially moved around 80-90% through the entire weekly ATR range, which is factoring in the 10% day that occurred earlier in the week. Several volatility metrics make me want to take at first level instead of second.
Total return is $3.14 per barrel, or $3,140 per each CL contract.
Total return is $3.14 per barrel, or $3,140 per each CL contract.
December Monthly S1 Level for Reference