mikebiz
Short

WTI 2018-11-28 another day of churn possible

TVC:USOIL   CFDs on WTI Crude Oil
For the 27th:
VA - Overlapped Bullish (prices could still have some upward bias in this correction)
CPivots - Overlapped Bullish
Market Type - Trading Day - Although market did trade outside of IB (initial balance), it did trade within the R3/S3 pivots most of early part of day until US when it tested S4 but buyers took it back to close at R3 pivot

Price was within 5 pips of testing the Q4CY16 POC as it did previous session.

On the resistance side, the 23rd's VAH continues to hold (which was the 27th's R3)

Plan for 28th:
Watch how IB forms and use it along with yesterday's session to project what 28th may be.
CPivots are overlapped and bullish

On daily chart , there is a POC from Q1CY17 that has not been tested from underneath during this drop after price zoomed through it on 23rd.
53.0x could be a target for this pullback. However, the developing VAL for current QTR is at 52.4x and was tested today and this could be the line of resistance too.

After IB in place for this session, will speculate on type of market day possible for 28th and maybe an approach. I don't think it'll be a 'Trending' or 'Double-distributed Trending Day' based on spread of CPivots but IB may help add clarity.
Comment: Extremely tight range for initial balance. Price opened at top of yesterdays VA (VAH) and the IB only pulled back to test the POC of the previous session. This leads me to believe that today could be another volatile day.

Some of the options could be an Expanded Typical day (price will move within the R3/S3 range or possible the R4) or a Double-distributed trending day.

I have two alerts set near the S4 and R4 boundaries to see if we get a double-distributed trending day out of this.

The POC from Q1CY17 (added to chart) still looks interesting as a possible test before moving lower. There is also the VAL that is evolving in this QTR that could be resistance too.

As of now, I'm looking for the Q1CY17 POC to get tested from underneath and setup a drop either Thursday or Friday.
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