Crude Oil testing 2008 and 2014 key areas cont.
The top of the 2014 volume area continues to hold price and will need to do so for price to continue higher
In the last week, the volume point of control has shifted up from 91.6x to 107.6x with the increase in volume due to buying
Question on timing: Has a low been put in place the week of 21-June or will price drift for several more weeks. The 45-period lookback on the 1st, 2nd, and 3rd STD LR has seemed to have tight boundaries. I’m not sure if price will drift right several more weeks touching bottom of the 2nd STD LR before continuing up. Although options are expensive, could be opportunity for Oct/Nov 2022 calls.
R4 traditional pivot for 2022 is close to the 2008 high so that would be my first target to close any Oct/Nov calls
In the last week, the volume point of control has shifted up from 91.6x to 107.6x with the increase in volume due to buying
Question on timing: Has a low been put in place the week of 21-June or will price drift for several more weeks. The 45-period lookback on the 1st, 2nd, and 3rd STD LR has seemed to have tight boundaries. I’m not sure if price will drift right several more weeks touching bottom of the 2nd STD LR before continuing up. Although options are expensive, could be opportunity for Oct/Nov 2022 calls.
R4 traditional pivot for 2022 is close to the 2008 high so that would be my first target to close any Oct/Nov calls
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