Soon we have two possible action on crude oil on this week arroung the price of 55,15:
1) More possibly "a shooting star" appears getting bearish action toward 46,00 which would be a bottom or reversal price for bulls again. Bulls on crude oil during the summer is favorable for OPEC countries.
2)Less possibly crude oil price stays above 55,15 in daily candles and...
Starting the morning at an important area. The monthly range high zone! A lot of potential energy has been stored away while being stuck in this tight range for the past month. The range game has worked for a month, but is this the breakout that's been over due? Potential sweet spot: 54.80
As you can see, we've been consolidating with very little movement last week. Actually, it's the weakest weekly candle since the year of 2003! Quite possibly resetting Indicators for a big move. As it appears, we might be at the cliff right now. It's edging on the 1.0 handle of that wide upsloper. If it dips below it, we might be negating that C and move towards...
More sideways congestion within a tight range all week (53.71-52.67). Would love to see a breakout in either direction forcing stops to get hit, which would in turn provide nice entries for a decent trade maybe. Key levels post stop runs, if they happen, 54.05/52.20
More sideways action as price stays stuck in the monthly range (54.25-51.75). Stuck in the middle of this range, waiting for a breakout of this triangle. Extremes should stay intact...until they don't.
Currently in no man's land, in the middle of the 1-month price range. EIA report today can bring some fun. Looking to fade any move to either of the Gold lines. Daily levels to watch: 54.15 & 51.85. Overall looks sideways.
54.30-51.70 is now the monthly range as price tries to figure out which way it wants to breakout to. Playing the extremes would be the more lucrative trade instead of playing the middle and trying to guess unless there's a signal given.
I am short until the point of both harmonic patterns indicate .
Strong resistance at 54.15 , down from here 52.00 is nice support .
In order to complete both bullish patterns, it must be down till 47.00
After that support it will start Bullish Rally
Decent recovery from the over 2-week range low. Didn't see much followthrough from the 52.65 extreme and now the 53.05 extreme is under some pressure. Still looking to sell rallies so for today I think the sweet spot would be 53.75-54.00 if the upside momentum can take us there.
Finally a decent selloff was seen on Tuesday's trade. The double top, that's been in control for about a month, dictating the macro direction. 51.75 was lower bound of the over two week range, which was slightly broken. 50.85 has been my downside target, nearly hit. With that said, based on how crude has been trading, I wouldn't be surprised if we see a minor...
Crude finally under some pressure. Bias is surely to the downside with my CLH target of 50.85. Should be some support at 51.75 as it's the lower boundary of the past 2-week range. Looking to be aggressive to sell any pops today.
Potential upside breakout forming. Not much follow through to the downside from the last high "extreme" and price is currently sitting in a triangle. Trade above 54.30 would be a breakout from the 2-week range. Momentum might make a push toward 55.50. Trade below 53.50 would dismiss the triangle theory. 56.00 double top still in control, for now.