TIMEPASS with COMMODITY trading :)
- Thread starter VJAY
- Start date
For hourly chart its nothing spike( I also look hrly too)...in 5 tf its spike ...i mostly see these type of spikes in 5 when some news out...These levels & ranges are downside supports for crude now:
Primary supports -- 4688, 4609
Secondary supports -- 4531, 4453
If the current downside in crude intensifies then the 4609-4688 range followed by the 4453-4531 range could be critical for a reversal.
Interestingly, on the 4Hr TF, crude is trying to break down below the 200SMA. This is its first piercing of the level since 22 June.
Primary supports -- 4688, 4609
Secondary supports -- 4531, 4453
If the current downside in crude intensifies then the 4609-4688 range followed by the 4453-4531 range could be critical for a reversal.
Interestingly, on the 4Hr TF, crude is trying to break down below the 200SMA. This is its first piercing of the level since 22 June.
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July contract expires today so all the action now shifts to the August contract. Looking at the latter, selling pressure is still persistent at levels below 4701 though a "sort of" W-shaped consolidation is visible to reflect support. Demand is above 4701 while supply is below it. For the bulls to convincingly take charge & reverse trend to the upside, we currently require the 1 Hr candle to breach and close above 4701
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