Oil - July 2015 Comparison

NYMEX:CLJ2017   Crude Oil Futures (Apr 2017)
This chart is for observation purposes only.

Currently prices are in an extended range and behavior is very similar to the May-July 2015 range and my hunch is distribution. I am only comparing the Preliminary and Secondary supply levels and lowest demand level.

This is ONLY a technical comparison for observing price behavior. I mark supply/demand levels on the following criteria:

1. I only mark closing prices
2. The inflection requires at least 2 breakout bars (breakout = 'closes' higher/lower than previous high/low.
3. If a closing price does not exceed the previous bars 'high' price, the previous bar is marked as Supply. Vice Versa for Demand.
4. I view a gap as a breakout bar.

Good trading all!

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