CL Support and Resistance

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.
CLN17 12.57 PM 6.6.17

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.


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

Resistance Above

Support Below

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

Copyright © 2017 Celer Wealth LLC, All rights reserved.


Financial Analyst and Blogger: Skinny On The Mini

CMT Content Director: Wiley Efficient Learning

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Author: himareddycmt

* Author of The Trading Methodologies of W.D. Gann * Financial Analyst and Blogger: Skinny on the Mini * CMT Content Director for Wiley Efficient Learning Hima Reddy, CMT is the Content Director for John Wiley & Sons, designing prep materials for all levels of the CMT exam and heading up instructional programs. As an educator, Hima draws upon her broad base of experience as a financial analyst. From 2014-2016, she was a member of the technical analysis team at Piper Jaffray. Prior to that, Hima covered fixed income and foreign markets at Informa Global Markets. In 2012, Hima published The Trading Methodologies of W.D. Gann: A Guide to Building Your Technical Analysis Toolbox. In response to her readers, Hima began to share examples of the concepts in her book through a free blog focusing on the E-mini S&P 500 Futures lead contract. She has now launched this research as a subscription product. Hima is a member of the Market Technicians Association, and she held positions as a CMT exam grader and question writer with the organization. Hima graduated from Indiana University's Kelley School of Business.

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