CL
4hs Analysis on Crude Oil Futures by ThinkingAntsOkUse this as a guide to develop your setup.
Main items we can see on the 4hs chart:
a)The price is inside an Ascending Channel (Major Structure).
b)Currently is against the upper trendline of the ascending channel.
c)As we can see on the previous behavior of the price, we expect it to start. a bearish movement towards the lower trendline of the channel
d)On the chart, we see a white ascending channel that has also been broken.
e)Now the price is on a corrective structure formation. We will confirm the beginning of the new bearish movement if the price breaks below the structure.
f) Remember never to rush your trades and always give enough space to your entry zone.
cl, oil, day trading for Dec 23rdtoday we look to be balancing at the bottom end of Fridays action and could be signalling for further down move and if the red zone bottom breaks I will be watching Friday's low for bounce or rejection.
A move upwards has many top side target taking us back to the recent highs.
Not sure how much action this week brings but could be interesting action or very dead.
cl, oil, day trading for Dec 20thOil is still working on this balance zone and I will trade the sloshing bath tub water until it breaks out.
There is not a lot else to say at this point
cl, oil, day trading for Dec 19thOil is again range bound with a smaller range and then a bigger one ( first blue lines- important) the range trading remains valid until the first blue boundaries are broke. and the red zone will pick the side i bias towards.
cl, oil, day trading for Dec 18thAfter hitting the first higher target yesterday and then pausing the up move, Oil is now testing range just above prior distribution. The important level to watch today is Red zone low, if we go below I would expect us to find balance in the 60 area. In the event we remain above the red zone low then a revisit of the highs and even to next target is most probable.
oil, cl, day trading for Dec 17thOil keeps pushing to the up side and has a nice possible bullish formation, so will be watching a break to the red zone for direction from here.
a move back into yesterdays pricing should see a fast move to 60.
A trade is there based on the red zone break.
oil, cl, day trading for Dec 16thoil has been moving up and working in a smaller balance near the current price highs, I will be looking for long trades as long as red zone bottom holds.
A few top side short term targets are marked off screen above.
If red bottom breaks then would expect we go back to prior distribution around 59
oil, cl, day trading for Dec 13th (Friday)Oil had that breakout of the range as I expected was coming soon and now the important level is if we hang out above this prior level top or move back down inside the prior range. This is the area we are testing as of this writing and is also the level I will be looking to trade long off of. It is a good level due to the defined risk reward levels.
cl, oil, day trading for Dec 12thEverything I said yesterday still applies today so look at link below
Trade Setup on Crude Oil Futures by ThinkingAntsOkUse this as a guide to develop your setup
Main items on the 4hs Chart:
a) The price is inside an ascending channel
b)Currently, it is against the upper trendline of the channel + Resistance zone (Potential area for reversals)
c)We can see a corrective Structure outside the ascending trendline (white line)
d)IF the Corrective Structure is broken with a bearish movement, we expect a continuation of it towards the lower trendline of the channel and then to the support zone at the beginning of the channel
e)We set our orders as explained on the chart/ENTRY/STOP/BREAK-EVEN/TAKE PROFIT
f)IF the price makes a new Higher High we will cancel our setup
Daily View
oil, cl, day trading for Dec 11thOil is trading inside yesterday and is in a tight consolidation. I will be looking for a decent sized move out of this range and today oil report could be the trigger. My plan is simple watch the red zone for a break and trade small and inside until the break happens.
Oil holds support well, a new high is coming up. Long CRUDE OILThe uptrend has been prevalent in crude oil with a slight hiccup early in December, otherwise higher highs and higher lows have occurred. The most recent was a break above the strong resistance at $58.70 and held it as support.
The candlesticks are really important in this analysis because the wicks are really pronounced and extended which suggests the buyers are in control to a strong degree.
The break and retest of the level at $58.70 was a break of a previous high and retest that held which confirmed the bull trend. We ticked the first upside target on oil at $59.90 and now we expect the next target level which is first at $60.50 then at $62.00 based on the Fibs.
One sign of concern is the volume is not the strongest on this rally higher and there are choppier candles that have printed which does not convince us too much of a direct path higher.
If the $58.70 support is broken and price continues lower, that breaks the trend.
Disclaimer: This idea is for educational purposes only, this does not constitute as trading or investment advice. TRADEPRO Academy is not responsible for any market activity.
cl, oil, day trading for Dec 10thOil is trading in about a 1 point range and this can be a good back and forth day trade, and if oil does not break the red zone then back and forth is my game plan.
Will watch action at red top and bottom and will look for failure at each side for a reversing entry.
cl, oil, day trading for Dec 9thoil has been drifting down and I think we will see a pop back up and if this is right will watch the 58.85 area for rejection if we keep going up then the point the bulls take back over is 59.30 and this I thinks takes us to 59.90.
The second idea is the open is a drop of the small test to 58.85 and then we make a move to 57.80. so will be watching to see if either of these ideas will play out and when I think they will is where I take my trade.
oil, cl, day trading for Dec 6thoil is inside a upper distribution and looks very comfortable, we will need a drop below 57.4 to be called bearish by me. and a move over 59.12 I will call very bullish. I will be looking for a range bound day if we remain inside this consolidation.
oil, cl, day trading for Dec 5thOil is presenting bullish, and today's oil report should be very interesting, will be taking oil easy thinking little will happen prior to report.
I see 58.50 as a very important level today and will remain bullish above that level.
Oil set up for another run to $60.00. Production cuts are the talk of the day and the foreseeable future around the OPEC and OPEC+ meeting. We recently saw an extended move to the upside from the support structure. From here we moved into the previous strong resistance level at $58.70 and now we do anticipate more upside, should the mapped out support zones hold.
Oil could find itself down to $57.00-$57.10 where the impulse started the break to the resistance area that is also the 50% Fib retracement zone from the move. The first support level to watch however is $57.85 for the extended move up to the targetted area at $59.90 and $60.00
Disclaimer: This is for educational purposes only, this idea does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
cl, oil, day trading for Dec 4thoil is currently trading in a transition zone between two recent distributions and will have to make a choice between one or the other. if oil breaks from the red zone today then the first blue support or resistance will be a very likely target for either break.
I will be looking to trade a range day inside the red zone until a firm break of this zone is established.
oil, cl, day trading for Dec 3rdOil looks to be continuing its down move and is already below the red zone, so will be looking for spots to grab it short as long as we remain below the red zone.
oil, cl, day trading for Dec 2ndAfter a big down move on Friday we got some retrace back up, but is comes with no consensus so will still be watching for teh traders commitment to direction, I am looking at things with I guess 2 over / under lines one at 57.07 and the other at 54.85 and as normal the opening red break zone. How e act at all these levels will be the information i will need to make a day trade decision.
cl, oil, daytrading for Nov 27thoil is testing the high of a few days back, and if we break over those highs a balancing top for today would be 59.5. so a big move. This being a limited action week I do not see this as highly probable, but anything can happen.
A break lower I expect to be a slower choppy trade filling in action through out the prior move.
cl, oil, daytrading for Nov 26thoil is inside a multi day range and is testing higher, and if we get a higher break the 59 area is a possible test area for today. Any move lower has many layers of support and each one will need observation to see how the market response.
