The CL one hour time frame is in a short term down trend line. The market is still making lower lows and lower highs. It will be a good idea to wait for the market to break and close above the short term down trend line before looking for buying ideas towards the monthly up Fibonacci price point 95.75 about +2,764 ticks away.
Entry: Counter trend line break bullish above the short term down trend line.
STOP: In the sell zone
LIMIT: 95.75
Once or if the market is able to break and close above the short term down trend line. It will be a good idea to turn to the five minute time frame and to look for tunnel trader long / destination trader long opportunities towards the monthly up Fibonacci price point 95.75
27.73 points away from current is the target price point. How did you arrive at 2764 ticks? 0.01 is the per tick value and 100 ticks is 1 point? 2764 ticks is 27.64? 1 tick is $10. So the bullish trade is worth $27640.00?
jcdavidy2k
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27.73 points away from current is the target price point. How did you arrive at $2764 ticks? 0.01 is the per tick value and $10 for that.
shamgar331
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I have $94 on my radar and as much as I don't like it (who wants to pay higher gas/oil prices) I definitely agree - it's what the charts are showing...Nice analysis!