NYMEX:CL1! Crude has been balancing on a tight range since mid April of 2016. From a volume profile standpoint it has left the composite point of control at 53 behind and it has tagged the naked point of controls at 53.43 and 53.77. I'm expecting the resistance at 54 to fail and then become support. With target at 55.00 At this point it will be on a strong...
Feb 13 19:30 AEDT CL WTI May Weekly Update Consolidation and Seller Absorption Bars!. Buy Area -sub $54.20 down to $54.00 (I don't think it will make $53.50) Good Support at $53.10/20 (buy a few wells at that price) Struggling with the T-Line at the moment, but the 55 SMA is sweeping up nicely for added future support. Text book Dow with a break out; higher highs...
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...
I'm undecided as to whether this makes me bearish, however, it certainly does increase one's sense of caution!
I'm in. Wait for breakout to hold on 15 min. chart
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.