I typically look at 10:00 EST for weekly direction as that is when the genscape crude inventories estimate comes out. That point is the green arrow and the market took a tumble after that, so I assume there will be a large crude draw, seeing as genscape is much more reliable than API data.
Looking at a slightly lower low to confirm bear move tomorrow, around 54.8... then 53.18 as that is the next major support zone. If 54.8 breaks then there will also be a double top that would imply a similar measured move downwards (the rectangles) and that would imply 53.18 as well.
Could also look for a pullback retest of 65 area tomorrow after printing lower.
Looking at a slightly lower low to confirm bear move tomorrow, around 54.8... then 53.18 as that is the next major support zone. If 54.8 breaks then there will also be a double top that would imply a similar measured move downwards (the rectangles) and that would imply 53.18 as well.
Could also look for a pullback retest of 65 area tomorrow after printing lower.
Note
Probably looking at a decent pullback US time.Note
Still looking at 63.17. 1$ drawdown from the initial support after API estimate of 3 million crude build. Wouldn't be too unreasonable to see before some pullback again tomorrow afternoon.Note
Might get stopped out soon, hoping the move is just waiting for the fed news today to die down.
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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.