Pre-Market Crude Oil – Pennant anyone??

Crude Oil pushed down yesterday as it yet again failed to break the highs.  We can now see a nice little counter trend trendline bounce happening from the high pivots.

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 but it’s a little to see to say that.

 

The 60min time frame, I’m looking at a rangy market I think as I see this pennant forming so I’m looking for price to retest the lows of last week and possible break of those lows.

Today is Thursday, usually Thursdays are trending days.  I think it will be a slow day however as price begins to really coil up here at the end of the year as well as it looks to be forming a pennant.  I’m expecting a smallish bar today. It really doesn’t matter what color today’s candle is.  I’m just looking for price to break yesterday’s low and run with price down to daily demand or become really range bound if it doesn’t break the low.

 

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