Crude Oil Pre-Market: 12-19-17

Crude Oil ranged around yesterday as it made an outside candle yesterday.  However, it did not really give us any direction as to a strong trend.  Again, I believe that this is the consolidation that goes along with the Christmas/end of the year season.  

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, I’m looking for price to break through resistance that we have at 57.51 up to 57.80. Price has moved in a wave down and now it looks like price will move up again.

Today is Tuesday, usually, Tuesdays are trending days.  I think it will be a trending day and another green bar as price pushes up against the top of the pennant formation.  I’m expecting a stronger green bar today as again yesterday was pretty rangy and small.  I will be out of town tomorrow for my grandma’s funeral so there will be no write up tomorrow.

 

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