Last week prices initially showed signs of equilibrium between 64.6 and 65.8; however towards the end of the week it H4 chart is showing Higher Points of Demand and it appears that sellers are getting absorbed in that range. Based on last weeks close a Weekly Inflection has been created at 65.71 and if we see volume move above this level then I will look for my first target at the next high Weekly Inflection at 68.38; and then target near the next high Weekly Inflection above that near 70.51, with a TP of 70.25.
Entry: 65.51-65.81 (Prices are in this zone so the Entry is Active)
Target Price 1: 68.38
Target Price 2: 70.25
Good trading all!
Entry: 65.51-65.81 (Prices are in this zone so the Entry is Active)
Target Price 1: 68.38
Target Price 2: 70.25
Good trading all!
Comment:
So far so good on the move up; and so far the dip following yesterday's API report has validated the Demand zone. Lets hope that tomorrow's EIA report keeps us moving in the right direction. If prices break above the 66.74-66.87 Daily Inflection zone, then I would expect possible consolidation between that zone and the next Weekly Inflection up at 68.38.
Comment:
No changes, bulls need a close above the 66.87 Daily Inflection.
Good trading all!
Good trading all!
Comment:
Perhaps the tortoise is starting to win this race... We have a Daily Close above the 66.87 Daily Inflection; so I will look for an up day tomorrow. That being said, tomorrow is Options Expiry and we are starting a rollover cycle into CLQ8 which often comes with a few days of 1-1.50 up and down swings, so anything goes... Lets hope that the Daily Inflection zone at 66.74-66.87 holds as support and that prices make a run towards 68.
Good trading all!
Good trading all!
Comment:
Oh Oil.... As Jayne Cobb, the Hero of Canton wold say, "You are beginning to damage my calm..." Or Hoban Washburne, "Curse your sudden but inevitable betrayal!"
Order cancelled:
Quite a down day on Friday; the market is pricing in potential cut reductions and almost two weeks of structure taken out in one day. The drops have been large and fast as of late. Will wait to see what this week brings and back to the drawing board.
Comment:
Last weeks close below the next low weekly inflection at 64.40 is concerning; if prices cannot find buyers back above the 64.6 level this week; then another selloff seems very possible.