WTI Crude ABCD Bear
Updated
CL had some nice price action this week to complete required fib level for leg C of an AB=CD pattern.
See the chart for details but its pretty straight forward. We have room to test the 67.70 price point but that just pushed the target price further down.
GLTU!
See the chart for details but its pretty straight forward. We have room to test the 67.70 price point but that just pushed the target price further down.
GLTU!
Trade closed: target reached
insane this hit so quickly, the last study took weekssince it happened so quickly will keep an eye on market formation (TPO/Volume profiles), not expecting the market to support $63 price for long and could easily retrace back into the 65-66 range where there is much support
but assumptions will not lead, we need to see a reversal or could get extremely ugly (refer to monthly study in my ideas)
gltu!
Note
fwiw this study began with the July contract CLNwe are now in CLQ which just hit 63.40 (CLQ has more volume than expiring CLN)
but CLN only managed 63.59
so apologies if this confused anyone as the tradingview interface CL! did not reflect this detail
Related publications
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.