CL is offering some nice moves between daily bell curves (value areas) lately. 89.50 lows were support set back in February. The bottom three S/R levels were set back in February. The others frame key price levels from the past two months.
The two most prominent bell curves the past two weeks are at 90.50s and 95.50s. Those 95.50s were also May lows. A break on increased volume above 95.80s can see a retest of 97.80-99.00. A break on increased volume below 95.00s can revisit 93.00-93.70, possibly more. We are neither bullish nor bearish on oil – all we have are targets on both sides of this middle zone. Intraday setups will guide the way and the end of the month promises to be interesting.
With an average daily volatility of roughly $2,000 per contract each day lately, oil has been moving nicely and offering some sweet intraday setups. These will be the topic of future posts.