WTI Crude (CL) is in the advanced stages of a weekly chart Bull Flag consolidation, where the Bull Flag is arguably extending. Nevertheless, with CL nearing completion on an ascending wedge (on the 4hr chart) and bumping up against upchannel resistance (on the daily chart), odds are moderately high for a retest of the psychologically key 110 whole figure level following today’s highly anticipated 1030am EST weekly inventory data…
WTI Crude (CL) is vulnerable to breaking upchannel support (on the weekly chart), but could get some reprieve today as it nears a Megaphone support (on the 4hr chart). Any reclaiming of the psychologically key 100 whole figure level following today’s 1030am EST highly anticipated weekly inventory could keep the Bull Flag narrative in play, where the sideways range since early March is arguably a Bull Flag consolidation…
WTI Crude (CL) is wobbly going into today’s European morning after 2 straight days of rejection at downchannel resistance (on the daily chart). Significantly, CL is back below the psychologically key 70 whole figure level, and appears to be tiring in its bounce that began 2 weeks ago from below uptrend support (on the weekly chart)…
WTI Crude (CL) is trying to firm going into today’s European morning after yesterday’s massive 5% plus slide. Significantly, CL is trying to form a weekly Doji at uptrend support (on the weekly chart), with odds decent for the Doji to turn green after 5 straight down weeks…
WTI Crude (CL) is consolidating just above a 2 week 4hr chart downtrend resistance, trying to halt a month long slide from the 2021 high. Significantly, odds are about equal in the day or so following today’s highly anticipated weekly inventory data at 1030am EST and the US’ FOMC Meeting Minutes at 2pm EST, for a retest of the 38.2% Fib retrace of the rally extension from late August to late October, or for a retest of the psychologically key 80 whole figure level…
WTI Crude (CL) is edging lower to start the week, looking vulnerable to decisively breaking the psychologically key 80 whole figure level in the day or so following today’s highly anticipated weekly inventory data. Significantly, CL’s weekly Gravestone last week was rejected at the recent fresh 2021 high, leaving CL unable to reclaim prior ascending wedge support (on the weekly chart)…
WTI Crude (CL) is down more than 1.5% today and vulnerable to testing the psychologically key 80 whole figure level these next few days. Significantly, with CL’s weekly Hammer last week rejected at a new 2021 high and ascending wedge resistance (on the weekly chart), this week’s tentative weekly Doji at wedge support could quickly turn into a longer red bodied candle on a daily close below the daily chart upchannel support…
WTI Crude (CL) is looking fatigued after giving up the psychologically key 70 whole figure level late last week. Significantly, although CL reclaimed upchannel support (on the weekly chart) briefly last week, it is arguably back below it now, and increasingly at risk to form a lower September high versus the August high…
WTI Crude (CL) is pushing higher today, trying to bounce off ascending wedge support (on the 4hr chart). Significantly, although CL may reclaim the psychologically key 70 whole figure level today following the data/news releases of US ISM Manufacturing PMI at 10am EST, weekly crude inventory at 1030am EST or highly anticipated OPEC meeting at 11am EST, odds are roughly the same for CL to slide back below upchannel support (on the weekly chart)…
WTI Crude (CL) tacked on another near 3% yesterday, adding onto Monday’s massive bounce off downtrend support (on the daily chart). Significantly, although CL appears to have reclaimed upchannel support (on the weekly chart), CL remains vulnerable to sliding back towards last week’s low on the back of Friday’s highly anticipated Fed comments out of Jackson Hole…
