Upside Potential For Crude Oil
NYSEARCA:DBO, NYSEARCA:USO, NYSEARCA:OIL, NYSEARCA:UCO, NYSEARCA:DTO Related posts: Do Oil Stocks Have Better Upside Potential Than Crude Oil? Why Oil Has Greater Upside Potential Than Gold Why This Coal ETF Has Huge Upside Potential 7 Emerging Market ETFs With Upside Potential Planning For Potential Outcomes In The S&P 500

oil etfsCorey Rosenbloom: One of my favorite short-term trading set-ups is the concept of a lower timeframe multi-swing divergence into a known higher timeframe support level.

Crude Oil finally bounced strongly off support – after extending its positive divergence pattern – and we now monitor how high the bounce will take price.

Let’s take a look at this integrated pattern (higher frame support plus lower frame divergence) and what the updated parameters are currently.

Here’s a basic chart of the higher frame key “make or break” support inflection pivot near $92.00:

Crude Oil Daily Chart Higher Timeframe Support

As I’ve been highlighting in the weekend “Weekly Intermarket Planning” reports for members, our key focal point has been the $92.00 per barrel level which is a known “make or break” inflection price for crude oil (note the support bounces from mid-2013 as well as December).

For reference, the falling 20 day EMA intersects the $95.00 level which was the initial “bounce” retracement target.

Beyond that is the $96.50 target (falling 50 day EMA) along with Fibonacci Retracement levels I’ve drawn on the lower frame charts.  Keep $95.00 in mind especially.

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Related posts:

  1. Do Oil Stocks Have Better Upside Potential Than Crude Oil?
  2. Why Oil Has Greater Upside Potential Than Gold
  3. Why This Coal ETF Has Huge Upside Potential
  4. 7 Emerging Market ETFs With Upside Potential
  5. Planning For Potential Outcomes In The S&P 500

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