Crude Oil Pre-Market for 12.7.17

Crude Oil failed to break the highs and therefore now much find demand again before another retest of the highs can be attempted.  I’m looking for price to move all the way back down to 55.50 to find the daily demand zone that goes from 54.97 up to 55.51.

 

Price has been in an uptrend for several months now.  It is slowly treading along into $60. We are now seeing price fail to break the previous week’s high.  There is still no reason to believe that price is doing something new to the downside yet.  So we will stay with the trend up and look at this price movement as a pullback in the overall trend.

On the 60 minute time frame, price has found support at the support zone from 55.75 up to 56.16. I would like to see price move back down to the daily demand zone.

Today is Thursday, usually Thursdays are rangy days.  I believe that we will see a continuation red candle down to the daily demand zone therefore I would think it would be more of a smaller trendy daily candle than rangy bound.  Yes, yesterday’s candle was a good big red candle.  But now I think we will see price only move down to $55 before it rests for the rest of the weekend.

 

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