Crude, PMO

Interesting price action today. Overshot 68 but closed there which was no coincidence. Volume indicates that this could be a bottom forming. I would wait to see what happens Monday. I would expect a bit of weakness in the am then a bounce and close above 68. Might get a gap close but no worries if it still closes above 68.

Need to look at charts and will post something Sunday evening as away.

F4T

WTI Breakout

Target
Short term - Short term 55.2
Mid term - 59.1
Long term - 63.4




PMO

For an aggressive entry - Short Term timing for entry 79.3 (today) with a stop below previous low of 75.5
Target 87 R:R of 1:1, 96 R:R 1:4

If you are patient entry - wait for 123 low breakout - so enter on a break of 87 with a stop below todays low of 76.75 - R:R 1:1

Well this has looked bearish for some time tbh...

Anyway, i wouldn't get too bearish on this just yet, and from my perspective of looking for a good entry, i'm watching the 50 day ema line on the weekly, as i think that's the key here imvho.

In a nutshell, it needs to hold 75.5p and push back above 80p and 84.25p, that gives me my entry....84.25p being the resistance trendline and 20 day ema line on the daily.
So long positions (for me) on close above 84.25p (those numbers change a touch daily), with tight stops imvho....

A failure at 75.25p, with weekly close below this level, will almost certainly lead to a increased downside momentum and 60p > 50p, is not only possible but highly likely imvho....

So important week here for premier imho.

as always dyor,wdik,atb,
trendfriend

premier oil weekly chart

Crude still in apex but hanging man Friday indicates to me it might break lower. A close below 53 will give 51.60 again IMO. A break of 51.60 will give 50 quickly IMO.
Draining confidence in supply glut reduction supports this though any fall may be tempered by USdollar which looks like it might continue its retrace in the short term (at support currently).







PMO looks very bearish. Didn't reach 89 and sold down rapidly.

Weekly RSI has broken back below trendline (chart trendline support @62.50 below SMA20 @73.50 and SMA50 68.50.

On Daily we had a decisive trendline break and confirmed three inside down candle pattern. IMO a close below 78.50 should give a RSI support break and an SP retrace to SMA200 minimum currently at 71 with 61.8% fib at 68 and a gap close at 60.25 below that (As noted by TF). My money is on a bounce at 68-70p but blue channel and gap close very possible. A spike in volume will tell us when a bottom is forming or formed.



So, my call is Crude to 51.60 minimum and PMO to 68 minimum. Volume key indicator.

GL
F4T

There will be a sharp move on crude over the next few days. Pressure is building, but which way will it blow?

In the short term I think WTI will remain within its range, giving a ceiling of 54.85 on my chart.

For PMO, a minor gap closed this am but 85 is holding and building pressure. Next resistance is the SMA20 at 89 with blue sky above to the key 96 area. IMO we will certainly see 89/90 very soon but a close above 96 could be some weeks away without a significant catalyst.

The PMO uptrend is intact though and I certainly do not see 60 again in the medium term outside global apocalypse or Trump pushing the wrong key or button during one of his sleepless nights. 77 should hold.


F4T