Crude Oil - Breakout Alert

5 Ağu 2023

CL1!

Watch for a breakout in Crude Oil.

An $84 handle on Crude could indicate a run back to the March '22 highs is en route.

We've seen Crude stuck in the $65-$80 trading range for around 8 months now.

While this base is being built, we see bullish divergence on a number of different oscillators.

Weekly candles found support right around the 200 Week EMA and price is leading short EMAs above long EMAs.

Weekly DMI shows that +DI just crossed bullish.

Setting Fibonacci time-zones from Covid Lows to March '22 highs, we see the 1.618 time-zone perfectly coincides with the post-Covid low in May '23.

Looking out to the 2.0 Fibonacci time-zone, we see the intersection of the time-zone, Schiff Median Line and March '22 highs at $130, in mid-January 2024.

*Due to the crazy wick in April 2020, I used the weekly open/close as the origin point for the Schiff ML.

If the upward trajectory continues, I'm getting long and hoping to ride price back to $130 or higher.

Additional Screenshots below.


Fat_Fat

5 Ağu 2023

Not

Notice the candle formation at the March '22 highs, now flip it and overlay it on the 2023 lows.

5 Ağu 2023

Not

Bull Divergence RSI+MACD

5 Ağu 2023

Not

+DI cross on the weekly, look for ADX to start confirming bull trend.

2 Eyl 2023

Not

C+H on Daily