Crude Oil Pre-market technical analysis :Rangy Oil 12.13.17

Crude Oil continued up yesterday. As it broke into $58.50 yet it gave us an overall red spinning top candle as it did so.This candle represents a possible push back down as the market is getting exhausted at the top.  So now the big question which way will price breakout of this daily candle?

 

Price has been in an uptrend for several months now.  It is slowly treading along into $60. We are now seeing a retest of the highs and I’m expecting price to breakthrough into new levels soon.

 

The 60min time frame, I’m looking for a breakout of yesterday’s range.  There is also a posibility that price will bounce off the aqua zone and head back down.

Today is Wednesday, usually Wednesdays are erratic days.  Crude Oil Inventories news will be coming out today and we could see a rangy bound market until that report.  Overall, for today I’m waiting for the breakout then to jump onboard with the daily trend and run with that over then long term upwards trend.

 

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