Close Navigation
Learn more about IBKR accounts
WTI Crude (CL) Retesting Key 80 Level Ahead of Inventory

WTI Crude (CL) Retesting Key 80 Level Ahead of Inventory

Posted November 17, 2021
Darren Chu
Tradable Patterns

WTI Crude (CL) is edging lower to start the week, looking vulnerable to decisively breaking the psychologically key 80 whole figure level in the day or so following today’s highly anticipated weekly inventory data.  Significantly, CL’s weekly Gravestone last week was rejected at the recent fresh 2021 high, leaving CL unable to reclaim prior ascending wedge support (on the weekly chart).  Any daily close below the daily chart uptrend support will dramatically increase the likelihood of a long red bodied weekly candle this week.  Congratulations to readers who heeded the August 4th warning of CL’s vulnerability, and to Premium Members who benefited from the bullish triangle breakout highlighted Nov 18th.  The weekly, daily and 4hr RSI, Stochastics and MACD are tiring or steadily sloping down.  I am looking at entering short in the red zone (of the daily chart), targeting the green zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

Click here for analysis on GOLD, COCOA

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Tradable Patterns and is being posted with its permission. The views expressed in this material are solely those of the author and/or Tradable Patterns and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Disclosure: Futures Trading

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

IBKR Campus Newsletters

This website uses cookies to collect usage information in order to offer a better browsing experience. By browsing this site or by clicking on the "ACCEPT COOKIES" button you accept our Cookie Policy.