Crude Oil Pre-Market: Christmas Pennant

Crude Oil pushed down yesterday and a nice hammer candle formed yesterday as price bounce into brand new daily demand zone.  We can now see a nice little counter trend trendline bounce happening from the high pivots as well as a daily wedge being formed.

Price has been in an uptrend for several months now.  It is slowly treading along into $60. I would like to see a break through 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 into a pennant formation and still continue up as the pennant is now more formed.

 

The 60min time frame, for price to push back up and through resistance that we have at 57.61 up to 57.91.

Today is Friday, usually Fridays 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 friday.

 

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