Crude Oil Pre-Market: for 12.18.17

Crude Oil pushed up Friday and continued to bounce off the fresh daily demand zone. I’m expecting for price to continue in it wedge formation that we talked about last week so would like to see price continue up but I think it will inch its way barely to the upside today with probably another small green candle.

Price has been in an uptrend for several months now.  It is slowly treading along into $60. I would like to see a breakthrough to the upside to resume trend.  However, going into the holiday season it looks like it’s going to be just a little slow.  Overall, I think this could be forming a pennant formation and still continue up as the pennant is now more formed.

 

The 60min time frame, for price to push up and through resistance that we have at 57.51 up to 57.80. Price has become very choppy and rangy bound in the globex session and I’m looking for that to continue.

Today is Monday, usually, Mondays are rangy days.  I think it will be a slow day and another green bar as price stays in this pennant formation. And pushes back into the middle between to the daily zone where this formation is forming.  Today, I’m not expecting much but I think it will be a bullish choppy Monday.

 

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