Mikkelfo
Long

Updated Bullish Crude Oil

NYMEX:CL1!   Light Crude Oil Futures
Updated version of my previous analysis (previous idea is linked below)

Crude provided us an excellent entry this friday when it bounced off pervious high, leaving us with both resistance area at 38 and structure. This is a perfect chance to get in at the bottom with a target up to 43.40, thus completing our 5-wave correction pattern aswell as a 3-legged move (AB=CD=EF) right into resistance

MACD is showing bullish divergence and RSI is pointing up, almost in overbought, but we can press it to 43.4

Related Ideas

What do you mean by MACD divergence?
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Mikkelfo tbuckle
MACD is making higher highs while price isn't. If you look at october to today, then MACD is having a higher high, but price is lacking behind. This is a bullish indication
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tbuckle Mikkelfo
Thank you.
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Amazing chart, love it! By resistance I'm guessing you mean the 200 DMA, different sites show this to be different values (due to contract rollover)...I'm guessing that's what you mean by $43.4?
Reply
Mikkelfo mseager
I dont mean the DMA, I mean resistance @43.4 where we have resistance and our SHS neckline
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mseager Mikkelfo
Oh I see, thanks! $43.40 would break the 200DMA which would be huge for reversal. Could it be possible that leg 'E' already occurred and topped out at $41 and is now headed down on leg f (and bounce off $38.42)?
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Mikkelfo mseager
Yes. It is very possible that the 3rd leg extension could be an undershoot, This is confirmed when price breaks below 38.3$, this would end the bullish rally and most likely shoot us down through support
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