Just a possibility; looking at previous breakups and a breakdown off of this trend line and using clone ranges (45.62-50.37 is a long time daily range) I'd like to see prices rally back up to the 48 level, possibly consolidating in the grey level shown and based on OPEC's 11/30 meeting either giving a fast rally up to the 52.75-53.93 level or if OPEC does not cooperate; I'll look for a quick move back to the 43.25 level.
The next 20 day cycle, in my opinion ends on approximately 12/9 so if prices do rally the move up may conclude by then at which point I'd look for some consolidation prior to rollover into the February contract; along with a likely price drop until FOMC meets in December.
Long entry: Active - look for a possible pullback to 45-46 level
Target: 52.75-53.93
Support: 43.25
Good trading all!
The next 20 day cycle, in my opinion ends on approximately 12/9 so if prices do rally the move up may conclude by then at which point I'd look for some consolidation prior to rollover into the February contract; along with a likely price drop until FOMC meets in December.
Long entry: Active - look for a possible pullback to 45-46 level
Target: 52.75-53.93
Support: 43.25
Good trading all!
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