Amidst the OPEC agreements, Trump's inauguration which will likely increase for oil demand and production and the January typical decline in demand, I am still of mind that prices will find higher prices in the first, maybe second quarter of 2017 but will first seek to secure a higher weekly low support price.
I have been looking for a retrace to the 48.36 level, bottom of the upper weekly range; however think it's very possible we also see a retest of the upper .25 of the lower weekly range at approximately 45.9-46.4 level (which has been a strong weekly inflection since April) after which I believe oil prices will continue their rally into mid April at the 56-58 level.
I am currently short and if prices do in fact test the 48.4 level I think a quick swing back up to the 52.4-53 level is likely.
I am not including a specific strategy here as this is intended to point out potential strong pivot levels.
Good trading all!
I have been looking for a retrace to the 48.36 level, bottom of the upper weekly range; however think it's very possible we also see a retest of the upper .25 of the lower weekly range at approximately 45.9-46.4 level (which has been a strong weekly inflection since April) after which I believe oil prices will continue their rally into mid April at the 56-58 level.
I am currently short and if prices do in fact test the 48.4 level I think a quick swing back up to the 52.4-53 level is likely.
I am not including a specific strategy here as this is intended to point out potential strong pivot levels.
Good trading all!
Note
Looking for a 52.75-53.46 pullback then targeting 51.56-51.43 tradingview.com/chart/dYlgbYVS/Note
Reasonably high volume move down on US open this morning; prices appear to be solidifying short term resistance at the 52.44 level; Overall picture; I am initially still looking for a retest of 48.4-49.2 level; where I expect a bounce and will reassessNote
Intraweek support chart: 
Note
Target is nearing for the last intraweek support chart; this outlines my thoughts for this week 
Note
March contract daily demand line reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.