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Range Trading Light Crude Oil-Crude oil is currently trading in a ranging market environment between 83.34 and 70.08 (larger range). Price is also in a smaller range between 82.66 and 72.46 (smaller range). -From how I see the markets, the 10AM Feb 23 candle was a retest of a fair value gap before a move higher continues aiming between 79.73 and 81.50 price levels. I would like to see the fair value gap left open and not rebalanced completely. -Bias: Bullish (within the ranges outlined only) -Why? Some buyside liquidity will likely be rebalanced with a possible sweep to the upside to test the 83.00 level. -Targets: 79.73-81.5, possibly up to 82.66 for a sweep.
NYMEX:CL1!Long
by DenisRisticFX
OIL About To Make a Decision. Will it be $13 Or $30?Oil is riding down the descending channel quite well. I feel like $13.50 could happen but maybe its time for a bounce based on everyone going short at this point. Maybe a short squeeze? I haven't really looked into short positions but I know they have been gaining for months. Assuming that we are to break up, we wouldn't see a ton of resistance until $30. I think a bounce to $25 would be the minimum. However, until we break up, the most likely scenario is down. Personally I would wait for sub $20 to go short or above $22 to go long. On one last note on oil production is that the Russians are rumored to be able to drill oil down to $14 a barrel before loosing money. And the theory is that they would do this to gain market share. That last bit is highly speculative information but I am throwing it out there. This is not financial advice. Please do your own research and analyze your own trades.
TVC:USOIL
by ChartProphet
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