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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.

We are getting close to a match on both time and price ( concept I was made aware of by Carolyn Boroden Strategies for Intraday Trading Fibonacci Retracements | Fibonacci Queen) so I will now look for a bullish trigger in the form of MACD cross over on the 30 minutes chart or possible turning up of RSI on the 30 minutes chart before simply trying my luck…..

As always the key will be risk and trade management if/when set up happens.

Keep in mind FRONT month for crude oil is now January! CLF22

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Good Trading

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Futures Trading Levels

11-18-2021

Economic Reports, source:

https://bettertrader.co/

BetterTrader Economic Indicators 11.17.2021

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Tag: FIB Retractment Level