mikebiz
Short

WTI 2018-11-20: 73pip or expanded range

TVC:USOIL   CFDs on WTI Crude Oil
IB – range is larger that previous day but similar to 2 sessions back. Yesterday session led to what looks like a ‘double-distributed trending day’ while the period previous to that looked like an ‘extended typical day’

Today's IB pushed price up near the POC (fair price) of previous session with next candle able to test POC but closed off of it.

Thick purple line is from daily chart . It is the VAL (value area low) from Q4CY17 and could act as resistance

Plan:
Possible Market Types:
IB: 0.73 and opened in the VA with minor gap. A pullback into the IBL (initial balance low) with support and then retest of IBH and/or previous session POC could be a selling opportunity. If day turns into an 'Extended Typical day', then expecting wide swings but not sure if it would take out yesterday's low. One important note on yesterday's low is that it looks like it's support was provided by a POC from Q1CY17.
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