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Crude Oil WTI Futures - Jun 24 (CLM4)

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78.85
+0.47(+0.60%)
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Crude Oil WTI Futures Discussions

One thing I'm looking at on the 30 minute is that 76.63 has started retracing into the candlestick with the swing high close of 76.78 on the 30 minute chart. Down 29 ticks from the high of 76.92.Brent, on the other hand, if you think of the weekly chart, it still hasn't had a weekly close below 80 and everything below 80 is just a wick on the chart. It's showing a similar retracing starting on the 30 minute. The difference here is that the bottom of this candlestick (if taken out) is 80. So if this retrace continues and we see sub 76.47 in WTI, we'll be seeing sub 80.02 on Brent, which would put us right at 80. I'll watch to see if or if not 80 becomes support on Brent, so what happens right under 76.47 on WTI. If support is found there and we ratchet higher or if it's not even reached, then sub 80 Brent could have been intraweek noise. If it breaks that level and continues retracement, I think sub 80 oil won't just be in the rear-view.
Valid observation
If you look at the 5h chart the downtrend is still intact. If it breaks above and holds $77 I'll reverse my losing shorts.
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