Crude Oil - Thoughts for 5 April 2021
8 hr chart with monthly view
4hr Chart with weekly view
100 tick renko
- Possible flag forming starting 23 March with last leg under development
- 50% retrace from 23rd low is 62.5x
- Volume profile from March is outside of February which could be indicating a sideways month
- April S1 is 55.1x and R1 is 65.8x and could possibly form the trading range for the month
- Short term looking for a setup to take price first to S1 and then to R1 toward end of April
4hr Chart with weekly view
- Looking at flag on chart with last leg under development
- Volume profile for coming week inside last week's indicating a possible breakout week
- Pivots compressing week over week with previous week compress 41% and this past week an additional 28%
- Looking for fill of flag then larger correction down to April S1 (55.1x). Not sure how fast correct will occur or if this week consolidates more.
- Weekly R1 is 62.71 and potential target for top of flag
100 tick renko
- DEMA flipped negative signaling more down to come
- looking for red brick with long wick high for trigger to buy June Puts
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50 tick renko
Flag developing. looking for completion to find a signal or trigger