I recently conducted a survey of my current subscribers (traders of the E-mini S&P 500). Based on participation thus far, over 25% of them also trade/keep tabs on the CL market, and would appreciate commentary and levels on it as part of my service. So, here’s a little experiment: A look at the levels on CL that I think should carry from this moment through the end of this week.
Obviously, this would suggest that I don’t see CL making a huge move up or down this week (relative to the daily chart). That is true, given a long-term timing point coming in Friday June 16th.
But I do not have a crystal ball, so hey, if CL starts moving, don’t exit a money-making trade simply because I’m expecting low volatility. Again, this is a bit of an experiment in terms of the way I package my work. But it’s done using my same tried and true analysis tools.
Chart: NYMEX Crude Oil futures, July 2017 (TradeStation: CLN17) / Tuesday June 6, 2017/ 1:12 PM / 60 MIN CHART SHOWN
Futures are testing a trendline resistance zone. The upper black line joins 50.28 and 49.17. The lower black line is a parallel projection of the upper line, anchored to the 60 minute price spike that formed the 50.28 high. 14-hour RSI is higher than recent readings but in the bear market resistance zone (55 – 65).
If futures push higher from here, 48.51 is strong resistance. If futures hold at this trendline zone and reverse lower, first target would be 47.09 ahead of an extension toward 46.45.
CL JUNE 2017 CONTRACT | KEY PRICE LEVELS
50.28 — Tue May 31 high
49.66 — midpoint May 30 range
49.61 — low 60 min price spike
49.17 — Thu Jun 1 high
48.78 — midpoint 60 min price spike
48.51 — midpoint last week’s range
48.13 — midpoint 60 min price spike
47.43 — old intraday high
47.09 — intraday higher low
46.74 — Fri Jun 2 low
46.45 — high of 60 min price probe
45.92 — low of 60 min price probe
45.56 — midpoint May 5 daily price probe
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