CL on a larger TF / Start of crucial two months for USOIL
This shows what, in my opinion, CL might do in the next couple of months. CL will reveal its hand on the day of the OPEC meeting (whatever people think, OPEC WILL create a strong reaction). After that meeting, the candle we get is going to show many things. However, I believe movement after the meeting, into summer, will be much more interesting and violent. It will be very strong, giving us a new HOY or a new LOY. During these months, I will provide maps daily / weekly showing what I think will be happening on smaller TF's using primarily Andrews, Indis and PA.
A: If we manage to get above the 1y TL, in my opinion it will drift around it until the OPEC meeting. Then we might see a surge to the TL5, quite possibly will try to take it out. If price manage to get above it, I believe new HOY will appear. If the OPEC candle will be anything like November, it is more than likely.
B: If we don't retake the 1y TL2, might retest the low (and TL3) around 44.60, which would on a bigger TF make a double bottom of sort. Then surge into OPEC meeting and the decision in the blue cluster.
Looking a bit further ahead, at July, that cluster (blue circle) might be very interesting, and a likely target for consolidation before the most important move in 2017 (after all the geopolitical nonsense and OPEC). If that TL5 isn't taken out with the OPEC candle, it might provide the roof for price and a consolidation zone.
A: If we manage to get above the 1y TL, in my opinion it will drift around it until the OPEC meeting. Then we might see a surge to the TL5, quite possibly will try to take it out. If price manage to get above it, I believe new HOY will appear. If the OPEC candle will be anything like November, it is more than likely.
B: If we don't retake the 1y TL2, might retest the low (and TL3) around 44.60, which would on a bigger TF make a double bottom of sort. Then surge into OPEC meeting and the decision in the blue cluster.
Looking a bit further ahead, at July, that cluster (blue circle) might be very interesting, and a likely target for consolidation before the most important move in 2017 (after all the geopolitical nonsense and OPEC). If that TL5 isn't taken out with the OPEC candle, it might provide the roof for price and a consolidation zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.