Yesterdays Crude Oil inventories saw bullish inventory numbers for price – the price responded but failed very quickly. A sign of further weakness for WTI? $44,$41 then early $37's are the next possible downside test levels. Support back up around $49?
From late June to July , low to high, a 50% retracement and hard bounce already took place. Could see another test of 50% fib at $44.60 area Still seems to be within rising channel. As a bull, like to see the lower trend line hold. Under $44.60 and/or trend line break with consolidation and volume,,the bull party could be over for a while and a $42.00 retest likely
See no reason to think bullish short term trend is reversing. API and EIA did nothing to suggest otherwise. Rare these reports actually change trend. Pullbacks are expected.
We have been bullish Crude over the past 2 weeks and currently have nice profits on 2 of our prior entries.
Yesterday we saw a wide ranging day close down on heavy volume, and this is a warning signal that should catch our attention. Over the prior 3 months we have seen 2 similar candles, which then proceed to form a bear flag with ascending price on lower...
CRUDE OIL arrived at the resistance test at 45.91
In case of break with a hourly candle, it will proceed to R2 at 47.21
Otherwise it picks up the road for the pivot and the support S1 at 44.76
CRUDE OIL CLQ17 - Aug '17
CROC X1 - Supports / Resistors - Multiday (TF - 1H)
R3 = 48.05
R2 = 47.21
R1 = 45.91
PIVOT = 45.34
S1=44.76
CRUDE OIL arrived at the resistance test at 45.91
In case of break with a hourly candle, it will proceed to R2 at 47.21
Otherwise it picks up the road for the pivot and the support S1 at 44.76
CRUDE OIL CLQ17 - Aug '17
CROC X1 - Supports / Resistors - Multiday (TF - 1H)
R3 = 48.05
R2 = 47.21
R1 = 45.91
PIVOT = 45.34
S1=44.76
Flat stage, the resistance at 47.21 was made to feel
and many traders have thought to take advantage of recent ups
I think shortly you will go to the multiday pivot in zone 46.56
In the case of downward pivoting, it is likely that S1 reaches 45.91
CRUDE OIL CLQ17 - Aug '17
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = 48.67
R2 = 48.05
R1 =...
Flat stage, the resistance at 47.21 was made to feel
and many traders have thought to take advantage of recent ups
I think shortly you will go to the multiday pivot in zone 46.56
In the case of downward pivoting, it is likely that S1 reaches 45.91
CRUDE OIL CLQ17 - Aug '17
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = 48.67
R2 = 48.05
R1 =...
The loss of the pivot at 46.56 should startup the profits
after the recent upswing, starting a short intraday
CRUDE OIL CLQ17 - Aug '17
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = 48.67
R2 = 48.05
R1 = 47.21
PIVOT = 46.56
S1 = 45.91
S2 = 44.76
For the intraday
Entry on close 1H (hourly candle) ... if exceeded the indicated level
LONG>...
The loss of the pivot at 46.56 should startup the profits
after the recent upswing, starting a short intraday
CRUDE OIL CLQ17 - Aug '17
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = 48.67
R2 = 48.05
R1 = 47.21
PIVOT = 46.56
S1 = 45.91
S2 = 44.76
For the intraday
Entry on close 1H (hourly candle) ... if exceeded the indicated level
LONG>...
