Sunday, July 9, 2017

Crude Oil Market Observations

Repost from Insights blog

It is time to write an update for the next trading day. I will go only through four charts which would be the plain daily, weekly/daily volume profiles and the VWAP chart. Currently I stick to this simple approach for any market as it’s nerve-wracking to have hundreds of timeframes all over the place.

First off the plain daily perspective: Thursday was an inside day. Friday broke the low and closed way below it. With this little observation I am quite bearish for Monday.

The value close area is in the upper range of the previous week’s profile. VAL and VPOC are potential resistance levels. Some low volume areas are observable as well. One of them is confluent with the VAL.

Looking at the daily profiles, we can identify a ‘b’ shaped profile inclusive a “selling tail”. Value area is located in

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