Based on my own indicator in hourly charts which is confirmed on multiple timeframe I am expecting another upswing from here.
Entry at 50.40
Target : 51.45
Stop : 49.94
First the non-news from OPEC resulted in a drop to the median and then the Inventory draw-down resulted in a raly to the top rail. This fork is still showing the structure of the move with price wandering just outside the fork.
There was a higher low and now a lower high.
So sideways recent action.
The target is going to have to be moved over in time.
Interesting how the CL rallied up to this median and fell to it later.
Perhaps it will guide us to the 61 to 75% retracement target and support at 47.50
Given the slow pre holiday trade , best to let the market show its hand this morning.
Note the hesitation at the 61 to 75% retracement zone.
Possible down if trades below 49.30
Don't fight the trend. For now the trend is up.
However note the divergence in CCI and Sqz.
Fundamentals are that production is still higher than normal and there is lots of inventory.
Target is 50% fib at 44 where there is also support.
We are currently inside of the monthly suplpy zone. Because of that, buying opportunities may be risky aroudf here. One can take a confirmed buying opportunity inside of a daily demand zone (48.49-47.25) but only for a short-term purpose.
I want to be willing seller if daily chart gives us a selling opportunities. Otherwise, i will be thinking again buying...
CL_f has bounced of support @ 48.40 while prev. week has supported break above this level. this is possibly last area of resistance before move back to 49.x ish level.. considering playing Spread to take advantage of range between - 50 / 47
