Crude Oil testing 2008 and 2014 key areas
volume profile from 2008 and 2014. 2008 looks like some of its key aspects (volume area and point of control) influenced market 6+ years later. 2014 looks to be key influencer now. Both 2008 and 2014 CL vol POC aligned in the 103 to 102.50 area so I think this line price will now move toward. Time will tell if support for higher prices or not. The red dashed lines are the vol POCs while the deep purple dashed lines in the pink volume areas are 50% lines of the area.
109 to 102.50 is the key area to hold for higher prices. From 2011 to 2014 this area proved to be the area that price tested but couldn't break. Now that price has broken through decisively, holding as support could indicate considerable higher oil prices.
109 to 102.50 is the key area to hold for higher prices. From 2011 to 2014 this area proved to be the area that price tested but couldn't break. Now that price has broken through decisively, holding as support could indicate considerable higher oil prices.
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