Open An Account
Free Demo Account Subscribe Here

Crude Oil Testing Major Support Levels PLUS: NEW CRUDE OIL VIDEO, CannonEdge Snapshot, May KC – Chicago Wheat Spread, Levels, Reports; Your 6 Important Can’t-Miss Need-To-Knows for Trading Futures on April 16th, 2026

Posted on April 15, 2026 by Cannon Operations

At-a-Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — June (#GC)	4752.40	4784.40	4839.90	4871.90	4927.40
Silver (SI) — May. (#SI)	76.74	78.03	79.59	80.88	82.44
Crude Oil (CL) — May. (#CL)	84.11	87.61	90.45	93.95	96.79
June Bonds (ZB) — June. (#ZB)	113 23/32	113 31/32	114 15/32	114 23/32	115 7/32

Stocks on a V shape bounce, Crude Oil testing major support levels.

The conflict is far from over, but the markets act as if they “know something” OR are the markets premature?

Time will tell…. keep watching Crude Oil.

What’s Going on With Crude Oil?

May KC – Chicago Wheat Spread

The May KC – Chicago Wheat Spread is attempting to extend its rally. If the chart can sustain further strength, the second upside PriceCount objective would project a possible run to the *42 area.

The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved.

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk.

Learn more at www.qtchartoftheday.com

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.

Cannon Edge — Your Daily Futures Snapshot for April 16th

Daily Levels for April 16th, 2026

Economic Reports

provided by: ForexFactory.com

All times are Central Time ( Chicago)

Find us on Trustpilot

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.