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WTI Crude (CL) Weekly Chart Ascending Wedge Near Complete

WTI Crude (CL) Weekly Chart Ascending Wedge Near Complete

Posted November 3, 2021
Darren Chu
Tradable Patterns

WTI Crude (CL) Weekly Chart Ascending Wedge Near Complete

WTI Crude (CL) is down more than 1.5% today and vulnerable to testing the psychologically key 80 whole figure level these next few days.  Significantly, with CL’s weekly Hammer last week rejected at a new 2021 high and ascending wedge resistance (on the weekly chart), this week’s tentative weekly Doji at wedge support could quickly turn into a longer red bodied candle on a daily close below the daily chart upchannel support.  The balance of this week will see a slew of news, beginning with today’s US ADP Non-Farm Employment Change data at 815am EST, the US ISM Services PMI at 10am EST and highly anticipated weekly crude inventory data at 1030am EST.  A volatility spike is likely following the FOMC and US Fed Funds rate announcement at 2pm EST, and the US Non-Farm Payrolls (NFP) Friday.  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.  Except for the weekly MACD which still slopes up, 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).

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