Today, prices hit the H (March) chart daily demand line; Although I am still bearish looking for prices to test near the 48 and possibly 46 level, in the interim, I believe we may see prices validate resistance between 52.8 and 53.3. 52.82 demand level was created following the 12/14 daily close on the March contract. If prices see a daily close below 51.66 I will immediately look to the lower target; details on chart.
Good trading all!
Good trading all!
Note
4 hour view; possible demand line break, retest level - in line with the daily views3.amazonaws.com/tradingview/snapshots/u/urdmK3ti.png
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Are prices finally going to remain below the 52.44 weekly level? Please see 'Oil - Higher Weekly Low?' chart for details on the 52.44 levels3.amazonaws.com/tradingview/snapshots/w/WtHlH9Eq.png
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currently retesting the 52.82 level; blew right by 52.44 but on fairly low volumeOrder cancelled
Daily closed above the 1/18 breakdown bar; trade closed.
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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.