Crude Oil Futures Market Review and Daily Chart Analysis & Support and Resistance Levels 11.18.2021
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Dear Futures Trader,
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Crude Oil Futures Market Review and Daily Chart Analysis
Looking at both price and time FIB analysis, on the daily crude oil
chart below (click here for LARGE IMAGE
) I am showing a potential for crude oil
to find support and have a short term reversal to the upside. I wont fight the short term trend and will look for a buy signal using 30 minute chart before I jump in front of this downward train…
What do I mean by that?
Daily chart still showing a good strength on the LONGER term scale ( see both Elliott Wave counts and trend strength). Short term we can see the strong sell of the highs made towards the end of October.
I ran both a Fibonacci retracement
on prices from lows to high, as well as Fibonacci TIME retracement from the time of lows to highs to see the next TIMING window to look at.
As always the key will be risk and trade management if/when set up happens.
If you are looking for other reference material please contact your Cannon Broker
for lists of solid, informative and helpful trading tomes
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