CL is still in a tight consolidation above the neckline of the inverse HS.
In the daily TF, price is near the upper channel of a ascending channel. Yellow region marks the area which price may move within the channel in the coming week.
In the monthly TF, we see that the right side pattern is almost forming a similar pattern on the left side. The question is will it be a red candle or green candle in the next month.Breaking above the high (~55.24) of the previous 2 months will be bullish for march. Breaking below the low of the previous 2 month (~50.71) will be bearish for march.
It going to get exciting in the next month. Stay tune for more action!
Daily support/resistance on 27th Feb: 54.14, 54.06
Weekly support/resistance from 27th Feb - 3rd Mar : 54.19, 54.08
Monthly support/resistance for Feb: 52.98, 52.86 (CLH7: 53.16, 53.89' CLJ7: 53.86, 54.67)
2017 Yearly support/resistance: 49.35, 40.28
In the daily TF, price is near the upper channel of a ascending channel. Yellow region marks the area which price may move within the channel in the coming week.
In the monthly TF, we see that the right side pattern is almost forming a similar pattern on the left side. The question is will it be a red candle or green candle in the next month.Breaking above the high (~55.24) of the previous 2 months will be bullish for march. Breaking below the low of the previous 2 month (~50.71) will be bearish for march.
Daily support/resistance on 27th Feb: 54.14, 54.06
Weekly support/resistance from 27th Feb - 3rd Mar : 54.19, 54.08
Monthly support/resistance for Feb: 52.98, 52.86 (CLH7: 53.16, 53.89' CLJ7: 53.86, 54.67)
2017 Yearly support/resistance: 49.35, 40.28
Using precise support and resistance levels as discussed here at the time of trading helps in managing risk and returns in a better way. Suggestions on trading tips can be gained by experts of epic research also.
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