With crude inventories seemingly increasing week on week since the start of 2017, crude oil price has been trading in a range of $50-55 per barrel.
From a technical perspective, the market has rejected price levels from 53s to 55s on 8 different occasions. My view is to stay short on CL while resistance at 55 still holds, key support areas will be 50s to 51s....
Very bearish on crude oil from current levels here. Price action could move a bit higher again to the 53.64 level, but there are many objectives below to achieve in the next several weeks. A move lower should develop soon, and the main target would be 45.89 level. We also have a potential head and shoulders pattern setting up a bearish move ahead, which is...
On background the rising_trend we probably have the end of down_trend_correction by two breakouts of the channel/ now it's a good opportunity to long position to 55 lvl
Price has been bouncing between two daily levels. I estimate that it will continue to trade within that range.
With a potential range forming, my rules tell me I must only trade at the top or bottom of the range.
If price trades thru the 55 level, look for STRONG selling pressure @ 56.50 and a $4-5 drop following.
Correlation Analysis showing Positive ( green boxes) negative (red Boxes) and Mixed ( yellow and orange Boxes) prediction for 2017. Expecting to See some sharp fall in prices in July, Based on Gann Cycles.
Rule of 52, by the name you must have understood that it has got something to do with number 52. Your guess is correct but this has got nothing to do with price prediction it has got everything to do with time, when price may turn. Up, Down or Sideways all such analysis can be done once you understand rule of 52.
This is just an observation, traders around...
