Hello,
Description on the chart.
Even more safe bet would be to wait to see if there is a break below with conviction or a break above with conviction.
GL
Looking like a cup and handle pattern forming. There have been a number of touches on that daily 50MA and falling trend line. Retail reaction to EIA report will very interesting
CRUDE OIL, It strengthens the long-medium-long period movement
started July 12 from 45.74 on the future CLQ17
In the next sessions should come to test the resistances in zone 47.21 / 47.32
I expect some sales in that area, which will make it go down a bit,
but without affecting the medium-long trend, which remains long until it don't closes
an hourly candle...
CRUDE OIL, It strengthens the long-medium-long period movement
started July 12 from 45.74 on the future CLQ17
In the next sessions should come to test the resistances in zone 47.21 / 47.32
I expect some sales in that area, which will make it go down a bit,
but without affecting the medium-long trend, which remains long until it don't closes
an hourly candle...
Can bulls punch it in ? at top of range. As posted yesterday iH&S pattern on 60min chart.
I think between 46-45 it is going to be more chop zone.
ES pressing higher can help CL
You dont want to be long crude oil too soon, the worst has yet to come. The recent reduction in crude oil stockpiles is just a distraction that, non OPEC production is gaining market share and adding on to the oil glut. MORE DOWNSIDE FOR CRUDE!
CRUDE OIL- ADX / ADM-TS V. 2.8.4 - Intraday Levels for 13/07/2017
ADM-Average Daily Movement - Intraday Levels
Entry on close 1H (hourly candle) ... if exceeded the indicated level
on the future CLQ17 - Aug '17
LONG it> 45,946
TP1 = 46,553
TP2 = 47,227
TP3 = 48,576
Stop Loss = 45,034
SHORT <45,034
TP1=44,427
TP2=43,753
TP3=42,404
Stop Loss = 45,946
