CL1!Crude Oil futures marked on the 4h chart
After being neutral the past week due to ranging behavior, CL has just possibly shown its hand on where it is headed to in the short term.
Confluences
- Overall bearish order flow since the summer.
- Liquidity grab at the double top (marked with the X line).
- Market Structure Shift (MSS) by breaking the short term low at ~87.60.
- Retraced into 4h imbalance and rejected it, thus showing it is respecting a premium price and now seeking a discount.
- In premium of September 26 - October 9 dealing range as shown by the fibonacci.
- Looks like bread-and-butter sell model in the making.
Current signs show oil is intending to go lower. I am anticipating at least 81.30 as a target level because there is a liquidity void resting below it.
Trade chiuso: obiettivo raggiunto
Played out almost exactly as I anticipated. Continuation to 80.00 is likely.Trade chiuso: obiettivo raggiunto
CL has broken below 80.00Nota
On the Weekly chart it looks like Oil wants to attack 76.25. Major sellside has already been taken so a retracement back to premium on the Daily chart is possible. TL;DR 76.25 new target, but retracement up to 86.00 possible.
Trade chiuso: obiettivo raggiunto
76.25 has been attacked. Since it is a previous week low, I will stay on the sidelines until the next setup.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.