OIL - 4H Chart (Supply and Demand levels)

TVC:USOIL   CFDs on WTI Crude Oil
Bat Pattern requirements

  • The pattern incorporates the 0.886XA retracement. This level is at 50.84$
  • B point less than 0.618, preferably a 0.50 or 0.382 XA. In the pattern above B point is 0.529XA
  • The bat use a minimum 1.618 B-C projection. This is projected at 49.55$
  • The AB=CD pattern™ within the Bat pattern™ is extended and usually requires a 1.27 AB=CD calculation. This level is projected at 50.31$

PRZ Zone and Technical analysis

A weekly trendline is inside the range defined by the AB=CD @ 1.27 and B-C @ 1.618 inside the PRZ zone.
Defining element of PRZ 88.6XA is inside a strong supply zone printed during active trading hours (London). This supply range from 50.58 up to 51.21 (May 2017).

PRZ Zone levels : 49.55$ to 50.84$

Supply and Demand levels (on chart)

Dark blue = Fresh demand
Light blue = Two touches demand

Dark Red = Fresh supply
Light Red = Two touches supply

Short term supply

In the short term there is a supply zone (re-tested once and therefore not fresh) 47.75$ - 48.37$. Past that level there are other re-tested supply zones before the PRZ, but these are supply zones printed during not active trading hours and their candlestick formation doesn't suggest a strong zone.
Comment: Orders at supply zone, price breaks below 47$. Closing below pivot 47.29$
Comment: Demand zone 1H touch
Comment: Market order flow. Price bouncing off demand zone

New printed supply zone : 47.09$
Comment: Inside May Distribution supported by trendline.
Added new levels on chart

Comment: Price entering PRZ

Comment: Daily timeframe supply.


Price failing to break 50.30 (most recent POC)
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