Oil - Higher Weekly Low - Intraweek support chart #5

Today, prices hit the H (March) chart daily demand line; Although I am still bearish looking for prices to test near the 48 and possibly 46 level, in the interim, I believe we may see prices validate resistance between 52.8 and 53.3. 52.82 demand level was created following the 12/14 daily close on the March contract. If prices see a daily close below 51.66 I will immediately look to the lower target; details on chart.

Good trading all!

Comment:

4 hour view; possible demand line break, retest level - in line with the daily view

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Comment:

Are prices finally going to remain below the 52.44 weekly level? Please see 'Oil - Higher Weekly Low?' chart for details on the 52.44 level

s3.amazonaws.com/tra...shots/w/WtHlH9Eq.png

Comment:

currently retesting the 52.82 level; blew right by 52.44 but on fairly low volume

Order cancelled:

Daily closed above the 1/18 breakdown bar; trade closed.