Did look at the CL using my good old metatrader platform. Different than NT profiles but gives a good enough picture of the landscape.
There was an excellent short at a level of supply on the weekly chart (30 min.) corresponding to the monthly VAL. So we are back around the weekly open with a series of HH HL pointing up but within the value area on the weekly chart but out of balance on the monthly. Would be interesting to see price returning within the monthly value area to activate the bulls in us all. However, there is no hurry to take every change of direction. Wait for a good short area as it is the path of least resistance.
The following 4 users say Thank You to trendisyourfriend for this post:
Broker: Primary Advantage Futures. Also ED&F and Tradestation
Trading: Primarily Energy but also a little ES, GE, GC, SI & Bitcoin
Posts: 3,714 since Dec 2013
Thanks: 2,979 given,
7,124
received
I agree "Oil Glut" is probably an over dramatization. The big difference between now and 2009 that he references is that in 2009 we saw temporary demand destruction and people were expecting demand to come back, one reason long dated prices were significantly higher than spot. Today people do not expect a significant shift in supply/demand over the next year, hence why they long dated curve has plummeted as well and we do not see the contango that we did in 2009.
The following user says Thank You to SMCJB for this post:
There were two opportunities to the upside. One at 6:00am EST and another at 8:00am EST after a bounce from the value area low (weekly) and a higher high price did pullback to a micro level of support twice.
The following 2 users say Thank You to trendisyourfriend for this post:
I'll be watching to see what happens at 59. Could go up, could go down, could not even get there, but that's where I'm looking to make my next decision.
The following user says Thank You to TheShrike for this post:
