Crude Oil - Thoughts for 5 April 2021

2021年4月3日

8 hr chart with monthly view

• Possible flag forming starting 23 March with last leg under development
  
• 50% retrace from 23rd low is 62.5x
  
• Volume profile from March is outside of February which could be indicating a sideways month
  
• April S1 is 55.1x and R1 is 65.8x and could possibly form the trading range for the month
  
• Short term looking for a setup to take price first to S1 and then to R1 toward end of April
  

4hr Chart with weekly view

• Looking at flag on chart with last leg under development
  
• Volume profile for coming week inside last week's indicating a possible breakout week
  
• Pivots compressing week over week with previous week compress 41% and this past week an additional 28%
  
• Looking for fill of flag then larger correction down to April S1 (55.1x). Not sure how fast correct will occur or if this week consolidates more.
  
• Weekly R1 is 62.71 and potential target for top of flag
  

100 tick renko

• DEMA flipped negative signaling more down to come
  
• looking for red brick with long wick high for trigger to buy June Puts
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  50 tick renko
  
  Flag developing. looking for completion to find a signal or trigger