Crude Oil WTI ending 19-February-2021
I believe there are several key areas that were broken this week that will need to be tested before price continues to move up [A].
The first item is the volume point of control (POC) from January 2020. This link was never test and now price, this week, broke through. A key indicator of future price movement will be if this line becomes support for price. If price falls below and cannot move back above, then future highs may be questionable.
The second item is the volume POC in February 2021 that is currently in progress. This POC is aligned with the Jan 2020 POC and will be of interest to see if this will provide support too with same analysis.
The third item is the February 2021 R2 level which provided support earlier in the month. The February R3 level acted as resistance earlier in the week and now it will be key for R2 to provide support for higher prices.
The last key area of support could be the 20ema. Price may consolidate the first part of the coming week to allow these two to converge.
The first item is the volume point of control (POC) from January 2020. This link was never test and now price, this week, broke through. A key indicator of future price movement will be if this line becomes support for price. If price falls below and cannot move back above, then future highs may be questionable.
The second item is the volume POC in February 2021 that is currently in progress. This POC is aligned with the Jan 2020 POC and will be of interest to see if this will provide support too with same analysis.
The third item is the February 2021 R2 level which provided support earlier in the month. The February R3 level acted as resistance earlier in the week and now it will be key for R2 to provide support for higher prices.
The last key area of support could be the 20ema. Price may consolidate the first part of the coming week to allow these two to converge.
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