WTI Crude (CL) Just Below Weekly Chart Downchannel Resistance Ahead of Inventory
WTI CRUDE OIL (CL) Weekly/Daily/4hr
WTI Crude (CLH23) is vulnerable to sliding to below the psychologically key 80 whole figure level today following the highly anticipated weekly inventory data at 1030am EST. The rejection this week so far at downchannel resistance (on the weekly chart) just below the 38.2% Fib retrace of the slide from the 2022 high in June to the December low suggests higher odds of retesting of the January low before month end than for a break above the December high during the same period. Monitor as usual the escalation in the Ukraine-Russia conflict. Congratulations to readers who heeded the August 4, 2021 warning of CL's vulnerability, and to Premium Members who benefited from the bullish triangle breakout highlighted Nov 18, 2020. The weekly RSI, Stochastics and MACD are bottomish or consolidating recent gains. I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on NATURAL GAS, WHEAT
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.