My apologies, I just noticed that I had the 'short' signal marked for this chart, but as you can see, it is a long play.
Komen
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Update on daily range: circles show prices back above high volume supply areas, red/green bars show possible IHS projection in line with upper supply zone = 59.2x
Prices validated the demand level and demand held; peixwa retested and closed above the daily supply line; rough day for bulls but technically it was a good retrace and likely only led by options expiry. On the daily range chart (below) I do not like prices sitting below the midpoint of the daily range, stuck back between the two high volume areas; hopefully EIA will give a bullish push, so far API was in our favor. I will feel more comfortable with a 4 hour bar close back above 57.50.
Although the suggested sl was briefly hit, I am leaving this open as I still believe we will see the supply zone
Dagangan ditutup secara manual
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I am closing this as although the suggested SL was breached briefly early on, it remained a valid chart, the target was hit but I do not believe we are necessarily in a Supply zone as suggested. Although the daily volume was low the intraday volume crossing significant levels was very high and I am currently keeping my long positions and have added more long positions at 59.8 as of yesterday's close. I am looking for 59.57-59.87 buying/demand and targeting 61.06, 52.25 and 63.43 in the coming days. If there is any interest, let me know and I'll publish a chart with my current view.
Hi Eric, festive greetings!! Would love to see your updated view. Please put it up :)
smitheric1970
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@RJHumphries, Will do, I just posted a potential view of a run to 68, but will publish a bit more micro view later. Note; I held long yesterday and added long positions at 59.80, the chart that I just published shows my view of yesterday's close above 59.61-59.77 as a Sign of Strength.
smitheric1970
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@RJHumphries, Happy Holidays to you sir! I will use this for intra-week updates to targets and re-adding long positions on pullbacks:
AnRuaN
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Hello @smitheric1970, are you concerned about the CoT? The long side seems to be quite crowded.
smitheric1970
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@AnRuaN, Agreed, the long position is very short term. I will be attacking the short model soon but COT stats can take weeks/months to reverse. I'd like to see this 5-60 range extend into end of year and retrace to the 48-50 median price by March??? What are your thoughts?
AnRuaN
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@smitheric1970, I see, ~60 would be great to short for 55 and later 50, imo. Not sure if it gets there, it looks already tired to me. As long as your anticipated sideways range doesn`t extend in duration to 3 months like last year, I would be fine with that too. :D
smitheric1970
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@AnRuaN, post EIA action definitely is looking tired...
AnRuaN
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@smitheric1970, kudos, Oil made it to your supply zone after all.