Crude, PMO

This looks ok, but i make a break close above 85.5p the key imvho.
85.5p no break no higher.

atb, wdik, dyor
trendfriend

PMO - resistance of 78 acting as a support as can be seen on the chart

This is still in uptrend until we see a close below 68

If this manages a close above 87 next week, It will make another attempt at 96, 108

If we get a close below 78, it can drop quickly to 68, 63



To me - another attempt at 96 is more likely looking at the WTI chart

WTI - is range bound - still IHS target is not negated



This needs a close above 54 USD for an attempt towards 61 USD

Technically - move north for WTI and Oilies looks more likely next week

Good call here F4T.

I think a drop to the main trendline and gap fill to 60p area is possible here as a worst case.
a test of the 200 day ema at about 72p is almost certain imvho.

atb, wdik, dyor,
trendfriend

Crude remains range bound, however USdollar looks like it is ready to go bullish which would put pressure on commodities. I see a retrace to 51.60




No change in my assessment of PMO, which is playing out nicely. Still awaiting a close above 96 which looks increasingly unlikely in the short term. Channel now broken but stalled at 50% retracement of latest move. Fib support at 80 then trendline support at 77 coupled with SMA50 which is a good target. Lower support at 73.25

So, crude to lower of range and PMO to 77 rather quickly.

F4T

Let me qualify my last comment, taking out personal bias.

I see a moderate/limited retrace in both crude and PMO. Given the rapid rise in PMO last week and the limited expectations of a significant rise in crude in the short term, I do not feel that the retrace of PMO to 85 is sufficient before a general move higher. Time will tell.

Crude is rangebound. A close above 54.05 is bullish, a close below 50.82 is bearish but with 50SMA and 200SMA just below there is good support in this area. Bearish engulfing candlestick on Friday.

Conclusion is that crude will stay in this range before breaking higher. First resistance is 55.79.




PMO is tricky to call.
Currently pinching out in a bull pennant. My previous resistance of 96.95 a few days ago held well with resistance of 109.70 above that.A close above this 97 area will be significant in pushing the next leg higher.

In support we have a cluster. Rising 20SMA now at 77.70, breakout point at 78.50. We also have 61.8% fib of the most recent move at 79.75 and the 38.2% fib of the whole move at 80.45

Considering PMO with crude,I favour a retrace in PMO before the move higher. Friday we had a bearish harami cross. Lots of supports to choose from but the higher is more dependable for a quick retrace if one wanted to enter or add, so I would target 80 - 80.50

F4T