Recap- highest level- 147.27 & lowest level-0.01 (-40.00 future) then secondary high to 129.42 & low to 70.00, so where does oil spill out to from here there are 2 scenarios:
1. Consolidation between 120.00-56.00 and then
2. Retest of 129.42 & 147.27 or higher.
So far:
From 0.01-129.42 oil has completed its 1st move higher.
From 129.42 to 70.10 oil has completed its 1st move lower now its in its consolidation range 1st zone = 85.00-93.00, 2nd zone= 99.50-106.70.
Resistance will be between 93.00-95.00 price level , if oil cannot break out above this 93.00-95.00 level then a retest of the 70.00 price level should 73.00-70.00 zone hold then price will retest 85.00-93.00 zone then higher to 99.50-106.70 break out then higher to 110.00-117.00 & above 117.00 then 120.00-123.00
Should oil break below 73.00-70.00 then expect price to drop to between 60.00-56.00 price level, where lower prices become probable(not preferred option for now).
Crude is in consolidation zone between 70.00 & 123.00.
73.00-70.00 =support, break of this support level then 60-56.00 = next support zone.
1. Consolidation between 120.00-56.00 and then
2. Retest of 129.42 & 147.27 or higher.
So far:
From 0.01-129.42 oil has completed its 1st move higher.
From 129.42 to 70.10 oil has completed its 1st move lower now its in its consolidation range 1st zone = 85.00-93.00, 2nd zone= 99.50-106.70.
Resistance will be between 93.00-95.00 price level , if oil cannot break out above this 93.00-95.00 level then a retest of the 70.00 price level should 73.00-70.00 zone hold then price will retest 85.00-93.00 zone then higher to 99.50-106.70 break out then higher to 110.00-117.00 & above 117.00 then 120.00-123.00
Should oil break below 73.00-70.00 then expect price to drop to between 60.00-56.00 price level, where lower prices become probable(not preferred option for now).
Crude is in consolidation zone between 70.00 & 123.00.
73.00-70.00 =support, break of this support level then 60-56.00 = next support zone.
From 62.46-93.00-123.60-70.10 completed a Bat pattern @88.6% this can also lead to an alternate bat which could end between 53.75-44.25(113%to 127%).
Price needs to break out above 81.00 to get to next upper price zone of 96.00-103.85 then it can start its next move lower to 53.75-44.25.
Break below 70.10 then next price target 62.46 -53.75(44.25 probable)