GoldBands
Short

Crude Oil is Range Bound But Looking to Hit Support Again

NYMEX:CL1!   Light Crude Oil Futures
Hi all, I've just gotten back from my extended vacation. Boy has there been a wild ride for crude, starting last Thursday. However, since then, crude has been stuck in the lower part of the range, which by the way, retraced to 38% of Thursday's range. Crude has already the 21 day moving average and it looks like it wants to test it again. If have a take profit order sitting at that 21 day moving average but will then let the rest of my position ride and see if price wants to break through and hit the lower Bollinger Band .
I was listening to a video that John Bollinger had posted on YouTube and it that video he mentioned that one should try using Bollinger Bands of different periods. So I've added a new Bollinger Band (the yellow one) and set the period to 50. This creates some interesting technical levels with the 21 and 50 BBs crossing and interacting with each other. For instance, notice how now the 21 and 50 BBs are stacked at the lower end of the range. That makes the 45.50 price are a very interesting target!
The Heikin Ashi chart is confirming that price is range bound and as you can see in the chart below, we've had a green doji followed by a red doji . Hopefully we will get more clarification from the Heikin Ashi in the days to come.


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Disclaimer: This post is for educational purposes only. Trading is at your own risk.
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