I am looking for oil's 2014 weekly inflection of 56.52 to hold as support. Daily range: 55.12-59.87; details on chart.
Entry 56.52-56.9 zone
Target 59.26-59.87
SL 56.29
Entry 56.52-56.9 zone
Target 59.26-59.87
SL 56.29
Comment:
s3.amazonaws.com/tra...shots/e/eh7959i1.png
Comment:
My apologies, I just noticed that I had the 'short' signal marked for this chart, but as you can see, it is a long play.
Comment:
Update on daily range: circles show prices back above high volume supply areas, red/green bars show possible IHS projection in line with upper supply zone = 59.2x
s3.amazonaws.com/tra...shots/f/FgKbrDEK.png
s3.amazonaws.com/tra...shots/f/FgKbrDEK.png
Trade active
Comment:
Prices validated the demand level and demand held; peixwa retested and closed above the daily supply line; rough day for bulls but technically it was a good retrace and likely only led by options expiry. On the daily range chart (below) I do not like prices sitting below the midpoint of the daily range, stuck back between the two high volume areas; hopefully EIA will give a bullish push, so far API was in our favor. I will feel more comfortable with a 4 hour bar close back above 57.50.
s3.amazonaws.com/tra...shots/j/JXCxPWw5.png
s3.amazonaws.com/tra...shots/j/JXCxPWw5.png
Comment:
Although the suggested sl was briefly hit, I am leaving this open as I still believe we will see the supply zone
Trade closed manually:
I am closing this as although the suggested SL was breached briefly early on, it remained a valid chart, the target was hit but I do not believe we are necessarily in a Supply zone as suggested. Although the daily volume was low the intraday volume crossing significant levels was very high and I am currently keeping my long positions and have added more long positions at 59.8 as of yesterday's close. I am looking for 59.57-59.87 buying/demand and targeting 61.06, 52.25 and 63.43 in the coming days. If there is any interest, let me know and I'll publish a chart with my current view.
Good trading all! And Happy Holidays!
Good trading all! And Happy Holidays!