Another chance to buy $USOIL near the bottom of the range
On September 9th with oil dropping down to $68 from $84 back in July I pointed out that there was support down in that zone from what I call the "SPR REFILL LEVEL".
A month later in early October the price of crude oil had rebounded to $76-$78 and the highest daily low reached $74.51 and the highest high was $78.43. Pretty volatile price action in one of the worlds top commodities that impacts global GDP substantially.
By late October, oil had fallen once again back to the "SPR REFILL LEVEL" at the $67 level and once again has been rebounding since and today sits at $71.40 here.
The BIGGEST point to remember is that the current political environment has had a massive impact on the price of oil as you can see from the red triangle in the top-left of the chart where back a year ago the strategic petroleum reserve was raided and liquidated significantly into the open market and drove the price of oil down.
The market rebounded from the initial waves are revisited that important liquidation level turned prices away this April at $86-$87, right to the DAY's price level from the SPR liquidation level.
The market has memory, but we need to mark this info on our charts so we remember too. Clearly you can see this powerful impact on the market and with patience and risk management, you can take advantage of setups like these to make profits or avoid losses.
With the Presidential Election ongoing and tomorrow being the last day to vote, the market will begin to discount if Trump with will and encourage new supply of oil to help drive down the price further or will the shorts in oil turn and cover because the market doesn't break down fast enough?
There are always risks in trading and hopefully by pointing out the "KEY NEWS LEVELS" we can avoid getting blind-sided by our emotions of fear and greed.
There is a weekly uptrend in place from the low in September and if prices hold above $70, I expect continuation to the upside over the next 7 weeks.
If prices fall and hold under $70, I will stand aside and look to buy lower in the SPR refill level range near $65-$64 (vs $71.53 last).
I'll be in the Key Hidden Levels chat room discussing these charts and more every day.
Cheers,
Tim
3:21PM EST 11/4/2024
A month later in early October the price of crude oil had rebounded to $76-$78 and the highest daily low reached $74.51 and the highest high was $78.43. Pretty volatile price action in one of the worlds top commodities that impacts global GDP substantially.
By late October, oil had fallen once again back to the "SPR REFILL LEVEL" at the $67 level and once again has been rebounding since and today sits at $71.40 here.
The BIGGEST point to remember is that the current political environment has had a massive impact on the price of oil as you can see from the red triangle in the top-left of the chart where back a year ago the strategic petroleum reserve was raided and liquidated significantly into the open market and drove the price of oil down.
The market rebounded from the initial waves are revisited that important liquidation level turned prices away this April at $86-$87, right to the DAY's price level from the SPR liquidation level.
The market has memory, but we need to mark this info on our charts so we remember too. Clearly you can see this powerful impact on the market and with patience and risk management, you can take advantage of setups like these to make profits or avoid losses.
With the Presidential Election ongoing and tomorrow being the last day to vote, the market will begin to discount if Trump with will and encourage new supply of oil to help drive down the price further or will the shorts in oil turn and cover because the market doesn't break down fast enough?
There are always risks in trading and hopefully by pointing out the "KEY NEWS LEVELS" we can avoid getting blind-sided by our emotions of fear and greed.
There is a weekly uptrend in place from the low in September and if prices hold above $70, I expect continuation to the upside over the next 7 weeks.
If prices fall and hold under $70, I will stand aside and look to buy lower in the SPR refill level range near $65-$64 (vs $71.53 last).
I'll be in the Key Hidden Levels chat room discussing these charts and more every day.
Cheers,
Tim
3:21PM EST 11/4/2024
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