8 hr chart with monthly view
Possible flag forming starting 23 March with last leg under development
50% retrace from 23rd low is 62.5x
Volume profile from March is outside of February which could be indicating a sideways month
April S1 is 55.1x and R1 is 65.8x and could possibly form the trading range for the month
Short term looking for a setup to take...
I believe there are several key areas that were broken this week that will need to be tested before price continues to move up .
The first item is the volume point of control (POC) from January 2020. This link was never test and now price, this week, broke through. A key indicator of future price movement will be if this line becomes support for price. If...
Chart Setup :
Traditional Pivots – Yearly (Red)
Camarilla Pivots – Yearly (Plum)
Volume Area – Light Pink
Opening Range – Light Grey
Fixed Range Volume Profile – Scoped to a one-year boundary. The only change to the default setting is the fixed rows changed from 24 to 240.
I use a dual stochastic with one set at default (blue) and one set to a...
Looking back to 2014 on weekly chart with volume profile defined for a yearly boundary, there are two key volume POC's that have yet to be closed. This is close to current price from 2018 at 69.0x which aligns closely to the Oct-2018 74.7x POC from the daily chart.
Looking back to the 2018 high, this chart shows some of the more interesting POCs from Volume Profile (fixed profile on daily chart across a monthly boundary) and when they were closed. This month (February 2021), WTI closed out one from June 2020 at 58.4x. This past week, it decisively broke through this POC as price did with the one from February 2020 this...
Down sloping PF off 2016 low and 2018 high (red)
The median line provided some key areas of resistance/support from 2017 to present
Support in 2020 low off lower parallel (good rejection)
Test after price break late 2020
Next target is upper parallel. An option is that price breaks above upper parallel then pulls back to test the break
Modified Schiff Pitchfork (red) off 2008 high with pivots on 2009 low and 2013 high
From 2013 through 2020, the median line has provided support for 2 large areas of tests
With hard rejection off line in 2020, price now moving back to upper parallel
One option is the upper parallel holds then price moves back down.
A second option is that price breaks...
BTCUSD - looking across 4 timeframes (4h, D, W, M) indicators pointing to a vertical climb continuing to a 25k-29k range.
looking at the weekly logarithmic scale setting a target based on a fib ratio from Dec-2017 high to Dec-2018 low.
Looks like BTCUSD is hitting some initial resistance. A breakout above this current line then 8650 could be next. Indicators look bullish which could be pointing to another target of 10350 if first two lines of resistance breaks.
XLE could see a pullback through Sept-Oct but looks like limited upside before further drop. key resistance looks to be in 40-42.50 area. Resistance at this level and further downside later in year.
The 100 tick renko looks like price does have upside potential in short term.
USO: Line of support under $0.00 (if that's possible). This line could be forming basis for up sloping PF and the lower parallel
CL1!: Biggest question is if median line holds this drop or if a decade of sub $0.00 prices is setting up. If next several months hold above the red median line then price could move off it. If April and ensuing months close below...
Simply watching now. Re-positioned pitch forks on monthly. Are they valid or indicate future price direction/possibilities, maybe. If price closes April below 0 then next several years a negative price could be a new normal. Not even sure if that is possible or makes sense or what a world looks like with a negative Crude Oil price for a prolonged period of time.