Calculating support and resistance levels for CL.1 Crude Oil Light Sweet NYMEX - Future using mathematics

[gka]

Thought you might be interested in the attached chart which shows weekly and daily support/resistance levels for CL.1 front month at NYMEX. The mathematics is explained in more detail in the FX forum thread called

"Predicting future FX support and resistance levels using mathematics"

The attached chart shows weekly support and resistance levels and the long term trend channel in green (top middle and bottom) to the left. The chart shows daily support and resistance levels to the right and the short term trend channel in blue (top, middle and bottom). The long term trend channel is overlaid on the short term trend channel on the right.

About 25 February this year the top of the short term trend channel collided with the middle of the long term trend channel.

Today the short term trend channel is trying to break back into the long term trend channel.

In the long term, CL.1 will never become bullish until it finds support on the middle of the long term trend channel which is currently at $38.02.

Until the price can find support on the middle of the short term trend channel currently at $25.00 and the short term trend channel has broken back inside the long term trend channel, then CL.1 will continue to fall.

Plot the coloured levels on your chart and watch the price action move around them.

I will post occasional charts in the future.

gka

 

[gka]

I attach the updated VRM chart for CL.1 front month at NYMEX

The CL.1 short term trend channel (blue lines top, middle and bottom) on the right chart has broken through the bottom of the CL.1 long term trend channel (green lines, top, middle and bottom) on the right chart.

Until CL.1 finds support on the middle of its long term trend channel now at $34.18 then CL.1 will continue to fall

Plot the coloured levels on your chart and watch the price action move around them.

I will post occasional charts in the future.

gka

 

[gka]

I attach the updated VRM chart for CL.1 front month at NYMEX for tomorrow 21st April

The CL.1 short term trend channel (blue lines top, middle and bottom) on the right chart broke through the bottom of the CL.1 long term trend channel (green lines, top, middle and bottom) on the right chart. But then bounced down off the middle of its long term trend channel

Today 20th April CL.1 fell below the bottom of its short term and long term trend channels

Until CL.1 finds support on the middle of its long term trend channel now at $31.23 then CL.1 will continue to fall

Plot the coloured levels on your chart and watch the price action move around them.

I will post occasional charts in the future.

gka

 

[gka]

I attach the updated VRM chart for CL.1 front month at NYMEX for today 28th April

The CL.1 short term trend channel (blue lines top, middle and bottom) on the right chart failed to break through the middle of the CL.1 long term trend channel (green lines, top, middle and bottom) on the right chart. The short term trend channel is heading down again. And no sign of support yet on the middle of its short term trend channel at $22.14.

Until CL.1 finds support on the middle of its long term trend channel now at $28.62 then CL.1 will continue to fall

Plot the coloured levels on your chart and watch the price action move around them.

I will post occasional charts in the future.

gka

 

[gka]

I attach the updated VRM chart for CL.1 front month at NYMEX for today 11th May

CL-1 has tried to break through the middle of its long term trend channel (green lines right chart) for the last 4 trading days. See right chart.

But until CL.1 finds support on the middle of its long term trend channel now at $25.56 then CL.1 will continue to fall long term

Plot the coloured levels on your chart and watch the price action move around them.

I will post occasional charts in the future.

gka

 

[gka]

I attach the updated VRM chart for CL.1 front month at NYMEX for 20th July

CL-1 has been bearish below the middle of its short term trend channel (middle blue curve on right chart) for the last 7 trading days. The middle of the CL.1 short term trend channel is 41.20 for the next 24 hours.

Further if CL.1 closes the week next Friday below the middle of its long term trend channel now at 40.62 (middle green curve on both charts) then CL.1 will become long and short term bearish.

Plot the coloured levels on your chart and watch the price action move around them.

Let's see what happens.

gka