BlueHatInvestor

Crude Oil Futures ~ November TA Outlook (4H Intraday)

Short
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NYMEX_DL:CL1!   Contrats à terme sur pétrole brut léger
CL1! chart mapping/analysis.

Note: TradingView chart B-ADJ adjusted for contract changes

Crude Oil Futures capitulating from early October rally despite ongoing Middle East tensions & geopolitical uncertainty.

Only macroeconomic narrative/headwind that would override war escalations is increasing probability of global recession-induced demand destruction, IMO.

Notes:
  • Flat bottom pattern development = bias towards bearish price action, TBC.
  • Crude Oil = highly manipulated trade with ongoing short-risk from Saudi Arabia &/or Russian market intervention - trade at your own risk to capital.

Commentaire:
Flat bottom break confirmed, however no re-test of support from underneath (atleast on 4H timeframe).

Agressive dump into ~75.65 horizontal line (yellow dashed) could infer an equally aggressive pump back above support, especially with OPEC+ market intervention.

Lower timeframe analysis will reveal structuring for the pump, or another capitulation to tap lower range of ascending parallel channel (green line) + 23.6% Fib confluence zone, TBC.

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