Crude bounced, any chance of a 44.20 retest?
As predicted, 44.20 acted as strong support. Oil grinded lower all day, tested 44.20 twice, and bounced higher.
My gut says tomorrow we continue the bounce up to 45 and possibly 45.33.
Watch the overnight price action to see if you can spot a trend. This is important b/c an avg down day will takes us through 44.20, well into the pause zone b/w 44.20 and 43.75. While, an average up day will take us exactly back to today's highs.
I've added 4 new custom gain/decline study lines.
To draw these lines, I calculated, the average and maximum gain and loss (in percentage terms) from the NYMEX Close (2:30pm) to Market Close (4pm), to GLOBEX Close (5:15pm), to GLOBEX Open (6pm), to European Market Open (3am), to 9am, and to the following day's NYMEX Close (2:30pm), for every trading day since June 1st.
With $OVX relatively low, and few anecdotal intraday reversals (since the downtrend in late June began), these lines should be helpful in spotting a trend to guide whether there's any chance we re-test 44.20 before the end of the weekend.
My gut says tomorrow we continue the bounce up to 45 and possibly 45.33.
Watch the overnight price action to see if you can spot a trend. This is important b/c an avg down day will takes us through 44.20, well into the pause zone b/w 44.20 and 43.75. While, an average up day will take us exactly back to today's highs.
I've added 4 new custom gain/decline study lines.
To draw these lines, I calculated, the average and maximum gain and loss (in percentage terms) from the NYMEX Close (2:30pm) to Market Close (4pm), to GLOBEX Close (5:15pm), to GLOBEX Open (6pm), to European Market Open (3am), to 9am, and to the following day's NYMEX Close (2:30pm), for every trading day since June 1st.
With $OVX relatively low, and few anecdotal intraday reversals (since the downtrend in late June began), these lines should be helpful in spotting a trend to guide whether there's any chance we re-test 44.20 before the end of the weekend.