2024-12-11 - priceactiontds - daily update - wti crude oil
Good Evening and I hope you are well.
tl;dr
wti crude oil futures - Neutral. Having a hard time being bullish inside trading ranges and unexpected moves higher. Volume is utter trash and yet market broke above last weeks high and the bear trend line. Bulls want 71 next but I would not be surprised if we go down to 68 or even 67 again.
comment: Daily chart shows the trading range which is still contracting but the very small break above last weeks high is a start for the bulls. Buying at previous resistance inside a trading range is always a bad trade. I’d rather wait if bulls come around big time on a pullback and see if it has strong momentum and can break above 70.5.
current market cycle: trading range
key levels: 67 - 71
bull case: Bulls made a small higher high and now want 71 next. The rally is not particularly strong and the volume is also atrocious. I don’t have many arguments for the bulls here.
Invalidation is below 66.27
bear case: Bulls have not printed more than 2 consecutive bull bars for almost 2 months now. Bears see that, previous resistance 70.5 from last week and still a bear trend line close enough. They have much more reasons to sell this, than bulls have for buying it.
Invalidation is above 70.6.
short term: Neutral. I wait for one side to gain momentum again but my bar for the bulls is higher than for the bears. I don’t have an opinion on where this goes next. For me it’s 50/50 if we go down to at least 69 or higher to 71.
medium-long term - Update from 2024-11-10: Unless an event comes up, this will very likely close around 70 for the year.
current swing trade: Nope
trade of the day: Tough. Long was obviously right but there were so many trend lines that could have been resistance, it was much more reasonable to not take the longs than to hope for a breakout above multiple trend lines.
tl;dr
wti crude oil futures - Neutral. Having a hard time being bullish inside trading ranges and unexpected moves higher. Volume is utter trash and yet market broke above last weeks high and the bear trend line. Bulls want 71 next but I would not be surprised if we go down to 68 or even 67 again.
comment: Daily chart shows the trading range which is still contracting but the very small break above last weeks high is a start for the bulls. Buying at previous resistance inside a trading range is always a bad trade. I’d rather wait if bulls come around big time on a pullback and see if it has strong momentum and can break above 70.5.
current market cycle: trading range
key levels: 67 - 71
bull case: Bulls made a small higher high and now want 71 next. The rally is not particularly strong and the volume is also atrocious. I don’t have many arguments for the bulls here.
Invalidation is below 66.27
bear case: Bulls have not printed more than 2 consecutive bull bars for almost 2 months now. Bears see that, previous resistance 70.5 from last week and still a bear trend line close enough. They have much more reasons to sell this, than bulls have for buying it.
Invalidation is above 70.6.
short term: Neutral. I wait for one side to gain momentum again but my bar for the bulls is higher than for the bears. I don’t have an opinion on where this goes next. For me it’s 50/50 if we go down to at least 69 or higher to 71.
medium-long term - Update from 2024-11-10: Unless an event comes up, this will very likely close around 70 for the year.
current swing trade: Nope
trade of the day: Tough. Long was obviously right but there were so many trend lines that could have been resistance, it was much more reasonable to not take the longs than to hope for a breakout above multiple trend lines.
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