Crude Oil - Breakout Alert
Updated
CL1! Watch for a breakout in Crude Oil.
An $84 handle on Crude could indicate a run back to the March '22 highs is en route.
We've seen Crude stuck in the $65-$80 trading range for around 8 months now.
While this base is being built, we see bullish divergence on a number of different oscillators.
Weekly candles found support right around the 200 Week EMA and price is leading short EMAs above long EMAs.
Weekly DMI shows that +DI just crossed bullish.
Setting Fibonacci time-zones from Covid Lows to March '22 highs, we see the 1.618 time-zone perfectly coincides with the post-Covid low in May '23.
Looking out to the 2.0 Fibonacci time-zone, we see the intersection of the time-zone, Schiff Median Line and March '22 highs at $130, in mid-January 2024.
*Due to the crazy wick in April 2020, I used the weekly open/close as the origin point for the Schiff ML.
If the upward trajectory continues, I'm getting long and hoping to ride price back to $130 or higher.
Additional Screenshots below.
Fat_Fat
Note
Notice the candle formation at the March '22 highs, now flip it and overlay it on the 2023 lows. Note
Bull Divergence RSI+MACD Note
+DI cross on the weekly, look for ADX to start confirming bull trend.Note
C+H on Daily
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