Auf geht's
Sans_Sheriff

Crude Oil Bearish Continuation

Short
Light Crude Oil Futures (NYMEX:CL1!)  
Sans_Sheriff Aktualisiert   
NYMEX:CL1!   Light Crude Oil Futures
Trend Analysis Seasonality Beyond Technical Analysis
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trendanalysis seasonality beyondta
CL1!

Crude Oil futures marked on the 1D chart

CL looks like it wants to target $66 on the weekly chart, so here's the daily chart for zoomed in analysis.

Confluences
  • Relative equal highs (EQH) for internal buyside liquidity rests in the middle of the range.
  • Imbalance above EQH.
  • Rejected a past 1D liquidity void.
  • Rejected a past 1D imbalance.
  • Overall bearish order flow since the summer; draw on liquidity is lower.
  • Bearish order block that took buyside liquidity; should now seek sellside on higher time frame.
  • Break of Structure (BOS)

I believe we may see a midweek reversal for Crude Oil. We are at a discount so a premium will first be sought after (the EQH and imbalance around ~76), but the higher time frame narrative is still bearish until $66.
Kommentar:
Idea no longer valid as oil looks like it wants to aim higher. However, this trading plan was immensely profitable for the week of December 12 - 16 despite the medium-term forecast being wrong.
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