Crude Oil Futures ~ November TA Outlook (4H Intraday)

5 nov 2023

CL1! chart mapping/analysis.

Note: TradingView chart B-ADJ adjusted for contract changes

Crude Oil Futures capitulating from early October rally despite ongoing Middle East tensions & geopolitical uncertainty.

Only macroeconomic narrative/headwind that would override war escalations is increasing probability of global recession-induced demand destruction, IMO.

Notes:

• Flat bottom pattern development = bias towards bearish price action, TBC.
  
• Crude Oil = highly manipulated trade with ongoing short-risk from Saudi Arabia &/or Russian market intervention - trade at your own risk to capital.
  

9 nov 2023

Nota

Flat bottom break confirmed, however no re-test of support from underneath (atleast on 4H timeframe).

Agressive dump into ~75.65 horizontal line (yellow dashed) could infer an equally aggressive pump back above support, especially with OPEC+ market intervention.

Lower timeframe analysis will reveal structuring for the pump, or another capitulation to tap lower range of ascending parallel channel (green line) + 23.6% Fib confluence zone, TBC.