CL1!
chart mapping/analysis. Note: TradingView chart B-ADJ adjusted for contract changes.
What's on the chart:
- Converging parallel channels (light blue) aka diamond box pattern, framing price action into a pennant formation on higher timeframe.
- Descending parallel channel (white) emphasizing current downward trend since late September peak.
- Fibonnaci levels highlight key support/resistance zones.
- Sharp reversal (short-squeeze?) from over-selling after breaking out lower range of parallel channel (white).
- Bullish reversal = rally back above 50% Fib.
- Bearish continuation = further selling below previous low towards 78.6% Fib / lower range of parallel channel (light blue) confluence zone.
Watch for commodity trading trend/sentiment in either direction - leading into upcoming OPEC+ decision re: 2024 supply cuts, TBC.
