I believe that oil is currently in a 59.87-64.62 Daily Range and that consolidation in this range will continue through the May 1018 contract (CLK8).
I am looking for 59.57-59.88 Demand and will be entering long advising SL below 58.98 (58.98 I'll show on a separate chart showing a higher demand structure forming during the long 2015 distribution range). First target at the CLK8 January Supply/Demand Exchange and second target near the 63.83 Daily Inflection. I will be looking to sell likely near the top of the range between 64.6 and 64.9.
Long Entry: 59.88 SL: Below 58.98 TP1: 62.70 - I am advising taking all or half profits at 62.70 and looking to re-enter/re-add long positions on a retrace to 61.50 TP2: 63.80 - Potential 62.70 Long entry if 63.80 is reached
As always, comments and questions are welcome. Good trading all!
This continuous chart view shows the higher structure 'support' level that I believe we will see coming into play for a long entry:
Closing this out, had good bones but just didn't get the last drop down to 59.88 that I was looking for; note: I have changed my view of current area that we are in as being supply and believe there is a good chance that prices make a move up to the 69 level. Let me know if you are interested in a chart.
@RJHumphries, If prices do break up I will look for a run up to 67 and then a pullback. I am currently long, will close all positions at 66.8 and will enter short between 66.8 and 67
smitheric1970
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@RJHumphries, Changing my view on the 67 level selling - I am targeting it next but think there's a chance that prices make another fast run up - so closing half positions at 67 if we see it; and then re-assessing
JRFreeze
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@smitheric1970, sounds good to me.. I'm loosing my touch with the flow of the chart after having been out of it for a few weeks. Funny how that happens! Will be watching keenly :)
smitheric1970
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@RJHumphries, This chart is dead. Not sure if I'll be publishing one, i'll pm you