Bullish on WTI Crude
CL1!Crude has been balancing on a tight range since mid April of 2016. From a volume profile standpoint it has left the composite point of control at 53 behind and it has tagged the naked point of controls at 53.43 and 53.77.
I'm expecting the resistance at 54 to fail and then become support. With target at 55.00
At this point it will be on a strong rally once it breaks 55.
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Catatan
No dice on the breakout of 54. Still can't break above 54. Rising dollar is adding pressure on the price of oil so it doesn't seem like it will break 54 on the next few days. Multi Day point of control continues to be around 53 and it is currently acting as support. Closing idea, but will reopen if price remains above 53.
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