CRUDE OIL (CL) is exploding but how much higher will it go
Well most of us have seen or heard about the massive move on crude oil, first taking out that 100$ a barrel level and now hitting highs yesterday of 130.50.
Let's take a look at the 3 charts, far left is the weekly time frame and we can see the 100 level being taken out last week and the extreme parabolic move crude oil is on.
The middle daily time frame shows the parabolic move again but I also point out the most recent uptrend and how that angle of degree looked in comparison.
Important to always look at the degree of the move. A straight up parabolic move is almost always gonna be a short-term move so keep a tight stop level locking in profit is very important.
Going by the craziness in the world it is hard to imagine that crude oil does not have more upside here regardless of the parabolic angle.
The right 4 hr chart is showing the attempted rally back to test yesterday highs of 130.50.
As of right now looking at the charts It does look to test yesterdays highs, it is possible it could hit a wall at 130 and pullback.
Let's take a look at the 3 charts, far left is the weekly time frame and we can see the 100 level being taken out last week and the extreme parabolic move crude oil is on.
The middle daily time frame shows the parabolic move again but I also point out the most recent uptrend and how that angle of degree looked in comparison.
Important to always look at the degree of the move. A straight up parabolic move is almost always gonna be a short-term move so keep a tight stop level locking in profit is very important.
Going by the craziness in the world it is hard to imagine that crude oil does not have more upside here regardless of the parabolic angle.
The right 4 hr chart is showing the attempted rally back to test yesterday highs of 130.50.
As of right now looking at the charts It does look to test yesterdays highs, it is possible it could hit a wall at 130 and pullback.
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