Crude oil Gapped upon market opening due to Russia making a statement on Sunday stating they will potentially do a 50,000 Barrell cut a day for the month of December; amid Moscow suspended about 2/3 of its main export grade of crude from parts due to a storm and scheduled maintenance on Fridays.
Oil gapped to 72.47 touching our first TP on the pivot point.
Looking for a sell to P as I look for confirmation of which direction the market will be going this week
on the 30 minute time frame price is below R! indicating a price correction another confirmation of a sell to 70.63 and breaking of the minor structure trend line. If price respects the P expect price to go to R1 and possibly R2. If prices breaks P then expect price to fall to $70.63
Looking for sell entry around 72.15 area
Oil gapped to 72.47 touching our first TP on the pivot point.
Looking for a sell to P as I look for confirmation of which direction the market will be going this week
on the 30 minute time frame price is below R! indicating a price correction another confirmation of a sell to 70.63 and breaking of the minor structure trend line. If price respects the P expect price to go to R1 and possibly R2. If prices breaks P then expect price to fall to $70.63
Looking for sell entry around 72.15 area