September 10 Chart of the Day - Oil

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

So when we looked at the Crude Oil chart (/CL) this morning and saw price tanking again we asked our self... "hmmmmm.....wonder where oil prices could be heading?" 

Starting with a blank chart on the monthly view we went through our standardized approach to analyze any chart using price action technical analysis. 

While it's never a straight shot it sure was pleasantly surprising to see as a consumer that technically speaking that the $50 area is in play.

Keep reading to see how...

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Monthly Chart 

On the monthly chart we can see that during the past 15 years or so the price of Oil has swung wildly, from $147.27 back in 2008 all the way down to $6.50 in early 2020.

Since 2020, price launched back up near $130 before fading back down and cycling.

Weekly Chart

 
On the weekly chart we can see with much more clarity the recent price cycles roughly between the $63 to $90 areas the last two years, creating somewhat of a range.

Trading around $65.60 earlier today price may be attempting to establish its next lower low of the cycle but if it does price will need to break below the lower portion of this two year range.

Only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans. 

So what's next?