Amidst the OPEC agreements, Trump's inauguration which will likely increase for oil demand and production and the January typical decline in demand, I am still of mind that prices will find higher prices in the first, maybe second quarter of 2017 but will first seek to secure a higher weekly low support price.
I have been looking for a retrace to the 48.36 level, bottom of the upper weekly range; however think it's very possible we also see a retest of the upper .25 of the lower weekly range at approximately 45.9-46.4 level (which has been a strong weekly inflection since April) after which I believe oil prices will continue their rally into mid April at the 56-58 level.
I am currently short and if prices do in fact test the 48.4 level I think a quick swing back up to the 52.4-53 level is likely.
I am not including a specific strategy here as this is intended to point out potential strong pivot levels.
Good trading all!
I have been looking for a retrace to the 48.36 level, bottom of the upper weekly range; however think it's very possible we also see a retest of the upper .25 of the lower weekly range at approximately 45.9-46.4 level (which has been a strong weekly inflection since April) after which I believe oil prices will continue their rally into mid April at the 56-58 level.
I am currently short and if prices do in fact test the 48.4 level I think a quick swing back up to the 52.4-53 level is likely.
I am not including a specific strategy here as this is intended to point out potential strong pivot levels.
Good trading all!
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Looking for a 52.75-53.46 pullback then targeting 51.56-51.43 www.tradingview.com/chart/dYlgbYVS/
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Reasonably high volume move down on US open this morning; prices appear to be solidifying short term resistance at the 52.44 level; Overall picture; I am initially still looking for a retest of 48.4-49.2 level; where I expect a bounce and will reassess
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Intraweek support chart: www.tradingview.com/...aweek-support-chart/
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Target is nearing for the last intraweek support chart; this outlines my thoughts for this week www.tradingview.com/...eek-support-chart-2/
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March contract daily demand line reached
