CRUDE OIL - MULTI TIME FRAMES ANALYSIS.
WEEKLY (W1)
Status quo, weekly closing level roughly the same than the previous week !
Still caught between the Kijun-Sen (Conversion Line) in support @ $ 102.39 and the Tenkan-Sen (Base Line) in resistance @ $ 110.94.
The $ 114.10 level, mentioned in my last analysis of June 26th, has not been broken, highest level reached intraweek being $ 114.05.
Last weekly closing @ 108.43 is above both the secondary weekly trend line support and the 21 days Moving Average ($106.54) which should be seen as a positive signal for the upcoming week.
DAILY (D1)
The clouds worked quite well in rejecting two consecutive downside breakout attempts; Friday's candle, a white one, with a closing level above the middle level of the previous one, should also be seen as an additional positive signal calling for higher levels in the upcoming daily trading sessions.
The Tenkan-Sen or Conversion line @ $ 107.79 has also been broken which gives an additional support for an upward trend continuation.
Please also take note that the last daily closing is above the ongoing downtrend line resistance.
In this daily time frame, the level of $ 112.61 (already mentioned in my last analysis of June 26) should still be seen as the first significant resistance level to break as it is the level of the Kijun-Sen or Base line, ahead of the level of $ 114.10 mentioned in the weekly time frame.
To the downside, watch the bottom of the daily clouds (@ $ 104.79) as the first significant support level.
A failure to stay and hold above this latter level would put the focus to the former low of $ 101.53 reached on June 22nd.
4 HOURS (H4)
Watch the clouds as a barometer.
1 HOUR (H1)
In short term recovery mode, facing the hourly clouds resistance area between $ 108.00 and $ 109.50.
Tenkan-Sen or Conversion line @ $ 108.11.
Below cluster of MA 21 ($107.13) et Kijun-Sen ($106.95) as next support area.
CONCLUSION :
W1 : IN CONSOLIDATION PHASE PROGRESS
D1 : WATCH $ 104.79 AND $ 112.61
H4 : WATCH THE CLOUDS ($ 107.00-$110.30)
H1 : IN SHORT TERM RECOVERY MODE
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IRONMAN8848 - Jean-Pierre Burki
Status quo, weekly closing level roughly the same than the previous week !
Still caught between the Kijun-Sen (Conversion Line) in support @ $ 102.39 and the Tenkan-Sen (Base Line) in resistance @ $ 110.94.
The $ 114.10 level, mentioned in my last analysis of June 26th, has not been broken, highest level reached intraweek being $ 114.05.
Last weekly closing @ 108.43 is above both the secondary weekly trend line support and the 21 days Moving Average ($106.54) which should be seen as a positive signal for the upcoming week.
DAILY (D1)
The clouds worked quite well in rejecting two consecutive downside breakout attempts; Friday's candle, a white one, with a closing level above the middle level of the previous one, should also be seen as an additional positive signal calling for higher levels in the upcoming daily trading sessions.
The Tenkan-Sen or Conversion line @ $ 107.79 has also been broken which gives an additional support for an upward trend continuation.
Please also take note that the last daily closing is above the ongoing downtrend line resistance.
In this daily time frame, the level of $ 112.61 (already mentioned in my last analysis of June 26) should still be seen as the first significant resistance level to break as it is the level of the Kijun-Sen or Base line, ahead of the level of $ 114.10 mentioned in the weekly time frame.
To the downside, watch the bottom of the daily clouds (@ $ 104.79) as the first significant support level.
A failure to stay and hold above this latter level would put the focus to the former low of $ 101.53 reached on June 22nd.
4 HOURS (H4)
Watch the clouds as a barometer.
1 HOUR (H1)
In short term recovery mode, facing the hourly clouds resistance area between $ 108.00 and $ 109.50.
Tenkan-Sen or Conversion line @ $ 108.11.
Below cluster of MA 21 ($107.13) et Kijun-Sen ($106.95) as next support area.
CONCLUSION :
W1 : IN CONSOLIDATION PHASE PROGRESS
D1 : WATCH $ 104.79 AND $ 112.61
H4 : WATCH THE CLOUDS ($ 107.00-$110.30)
H1 : IN SHORT TERM RECOVERY MODE
Do you find my analysis valuable for you ?
If the answer is YES, please do not forget to like it in Trading View(if you do not have an account yet, you can click on the following link, there are several plan depending on your needs, the basic one being free of charge :-), Trust me it is one of the best charting application available at the moment !
tradingview.com/gopro/?share_your_love=Ironman_8848
1) like it on Trading View
2) add Ironman8848 on your following list
3) write a comment or remark at the bottom of my analysis
Many thanks in advance.
All the best.
Kind regards
IRONMAN8848 - Jean-Pierre Burki
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