I believe that oil is starting to breakdown and I am targeting 48.36; however; based on buying/selling climaxes on a 1 hour timeframe, intra-week, I am looking for prices to potentially swap between these levels on it's way down to the bottom of the daily trading range at 50.4. Prices often swap between these buying/selling climaxes as supply/demand levels are validated.
Good trading to all!
Good trading to all!
Perdagangan ditutup secara manual
Idea Berkaitan
smitheric1970
This is the same chart with the addition of the 12/5 hourly selling climax and a rising trend line. Potential to retest the TL again at approximately 52.9 level before breaking back down into the lower range.
Balas
smitheric1970
Well prices have taken a trip higher to the 12/5 1 hr selling climax but now returned back below the 52.75 mark; however on top of the trend line i have marked; at this point, strategy has not changed; I am still anticipating prices to swap through the lower zones; however, looks like this will be a longer process than I'd initially anticipated.
Balas
smitheric1970
On the now front month G contract, today prices dropped under the daily 9 MA; price action between the 81.8 daily buying climax and daily 9 MA are in line with the upper range on the hourly chart.
Balas