WTI Crude (CL) Back Below Key 100 Level Ahead of Inventory

WTI Crude (CL) is vulnerable to breaking upchannel support (on the weekly chart), but could get some reprieve today as it nears a Megaphone support (on the 4hr chart).  Any reclaiming of the psychologically key 100 whole figure level following today’s 1030am EST highly anticipated weekly inventory could keep the Bull Flag narrative in play, where the sideways range since early March is arguably a Bull Flag consolidation.  Watch for volatility following today’s 830am EST US CPI and Thursday’s US PPI data, and as usual for any signs of escalation or ceasefire in the Ukraine-Russia conflict.    Congratulations to readers who heeded the August 4, 2021 warning of CL’s vulnerability, and to Premium Members who benefited from the bullish triangle breakout highlighted Nov 18, 2020.  The tiring weekly RSI, Stochastics and MACD are weighing on the bottomish daily RSI and Stochastics.  I am looking at entering long in the green zone (of the daily chart), targeting the red 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 NATURAL GAS, GBPAUD

Source: Interactive Brokers TWS

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

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