Crude Oil Pre-Market: for 12/23/17

Crude Oil has continued up to the high of the daily supply zone.   I’m looking for price to push to the upside as price is inside this daily supply zone.  It has also punctured the high of the pennant formation so now I’m looking for continuation to the upside from this pennant formation to happen.

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 a pennant has formed and now is continuing on.  Hopefully, with some very strong and rapid expansion soon after christmas.

 

The 60min time frame, I’m looking for price to break through resistance and possible find support just outside the bottom of the daily supply zone as it continues to walk it’s way upward.

Today is Friday, usually Fridays are rangy days.  I think today will be rangy as this is the Friday right before Christmas and a lot of people will be leaving and doing holiday things today.  Have a merry Christmas everyone.  

 

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