As prices are nearing last weeks intraweek support chart for my weekly level, Oil -3.82% - Higher Weekly Low? chart, i wanted to offer my thoughts on the next possible supply/demand levels. Today saw quite the drop and I am expecting a swing at the 51.2-51.6 level and will look for an approximately .3 retrace off of the leg down from 54.32 which would see prices bounce to the 52.4-52.75 level after which I'll look for 50.4 level support. That's quite a lot of specific movement to ask for, lol but based on previous supply/demand I like the odds.
More simply put, I'm looking for a 51.5-52.45 swap from here and then a drop to 50.4
Good trading all!
Trade closed manually
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well this looks to be heading to the 50.4 target zone but blew right threw the bounce area i expected; will reassess intraweek as I still expect 50.4 and 48.4 as per my weekly chart
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Well, I'd closed this chart out but just wanted to note that the retrace outlined occurred (quickly today, wow what a move!!) and I'm still expecting the move down the the 50.4 level
@PKA, Nice, thanks! My lower target, out lined on my weekly chart is 48.4 level, looks similar to the top of the ichi? Also the midline on a weekly Bollinger.