Oil - Higher Weekly Low?

2017年1月2日

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!

2017年1月3日

註釋

Looking for a 52.75-53.46 pullback then targeting 51.56-51.43 tradingview.com/chart/dYlgbYVS/

2017年1月3日

註釋

s3.amazonaws.com/tradingview/snapshots/w/wWdLV2Lv.png

2017年1月4日

註釋

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

2017年1月6日

註釋

Intraweek support chart:

2017年1月9日

註釋

Target is nearing for the last intraweek support chart; this outlines my thoughts for this week

2017年1月18日

註釋

March contract daily demand line reached