Oil - Higher Weekly Low - intraweek support chart #2

9 Jan 2017

As prices are nearing last weeks intraweek support chart for my weekly level, Oil -3.82% - Higher Weekly Low? chart, i wanted to offer my thoughts on the next possible supply/demand levels. Today saw quite the drop and I am expecting a swing at the 51.2-51.6 level and will look for an approximately .3 retrace off of the leg down from 54.32 which would see prices bounce to the 52.4-52.75 level after which I'll look for 50.4 level support. That's quite a lot of specific movement to ask for, lol but based on previous supply/demand I like the odds.

More simply put, I'm looking for a 51.5-52.45 swap from here and then a drop to 50.4

Good trading all!

10 Jan 2017

Trading ditutup secara manual

well this looks to be heading to the 50.4 target zone but blew right threw the bounce area i expected; will reassess intraweek as I still expect 50.4 and 48.4 as per my weekly chart

11 Jan 2017

Catatan

Well, I'd closed this chart out but just wanted to note that the retrace outlined occurred (quickly today, wow what a move!!) and I'm still expecting the move down the the 50.4 level