Anyone's comments and insights on this? What I noticed on Friday's slide in oil (/CL) was poor structure, but also that in 3 30 minute time periods it tried to go below 67.49 and could not push any lower. Looking at market profile, this would be classified as a "poor low", meaning that those buying oil up at those levels were generally not strong traders, or they would not have cared about it hitting the exact level as the other time periods. So it looks to me like the slide will continue at least a bit lower, at least from a market profile perspective. In watching volume while it was selling off, volume diminished when it got to 2 sided trading between 67.49 and 67.91. Oil held in a consolidation range from 4/12 to 5/3, and the 2 sided trading of the last 2 hours of the pit session (67.49 to 67.91) seem to be at the lower end of that consolidation range. So that seems to indicate that oil will have some considerable resistance going down from here and holding. It seems to me that if oil goes down from here on strong volume and holds below 67.49, we could see quite a bit further downside before we see some strong upside again. The next lower range where it traded from from 4/2 to 4/10 seems to be between 62 and 64. But if we don't see strong volume and/or it doesn't hold, probably a bounce is in order. Thoughts please. Agree, disagree, tell me why.
i do not trade oil but i am interested in charts....i do not get CL if you can post a chart i can see it it says anything to me