Today i believe that oil broke out of it's lower daily trading range and wills start to work on completing its journey back into it's super trading range - 50.37-55.12 as it closed the day above it's previous weekly breakdown level of 50.85 and above the June 2014 channel line.
I am anticipating that prices will make one more swing up to the 52.75 (.5 mark of the upper trading range) -53.04 level; Prices are working towards a mid term run staying above the upper TR 50.37 price, however in the even of a break below, perhaps due to high USD/FOMC, swings back to 48.6 (near the midpoint of the lower trading range) are likely. Overall, i see a potential range of 48.6-53.04 short term into Jan 2017. You can zoom out to see the Feb 2014 clusters I am looking for a possible repeat of.
I will be shorting the 52.75 level and will then base shorts or long off of the 50.85 daily close level. Prices below 49.18 (.75 mark of the 45.62-50.37 Daily TR) are in the buy zone
This is observational and not a specific trading strategy.
Good trading all!
I am anticipating that prices will make one more swing up to the 52.75 (.5 mark of the upper trading range) -53.04 level; Prices are working towards a mid term run staying above the upper TR 50.37 price, however in the even of a break below, perhaps due to high USD/FOMC, swings back to 48.6 (near the midpoint of the lower trading range) are likely. Overall, i see a potential range of 48.6-53.04 short term into Jan 2017. You can zoom out to see the Feb 2014 clusters I am looking for a possible repeat of.
I will be shorting the 52.75 level and will then base shorts or long off of the 50.85 daily close level. Prices below 49.18 (.75 mark of the 45.62-50.37 Daily TR) are in the buy zone
This is observational and not a specific trading strategy.
Good trading all!
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