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CL Week Ahead 2/14/21 - 2/19/21

NYMEX:CLH2021   CRUDE OIL FUTURES (MAR 2021)
> Very strong momentum higher
>> Past two weeks have had 9/10 green days

> Previous weekly value area: 57.75 - 58.75 w/ POC at 58.33

> Friday built a HVN above the weekly value area between 59.30 - 59.82.
>> buying the lower end of this area early in the week could offer good r:r if the market doesn't get any real pullback.

> If we do get a pullback, it will be important to see if last week's value area is defended.
>> if it gets back inside last week's VA, the weekly POC should act as a magnet for deciding further direction.
>> expect the weekly VAL to be heavily defended as well.

> No shorts on Monday; I don't want to try to fight this momentum. I need it to show me it's ready to pullback before I try to lean on levels for shorts.
>> Take short profits quickly next week if short positions are initiated.

> If there is a significant down move, watch out for the multiple untested daily POC & HVN below; one or more of those should be good for at least a relief bounce.

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