Oil is by no means out of the woods, but on this week’s round of buying it did show signs of auctioning well. The first push up went right to the MCVPOC formed in the balance formed at the beginning of January. Then the subsequent completion wave went and kissed the daily VPOC from 01/05 before we found a sharp responsive seller.
Coming into today sellers made a strong defensive response at $47.74. This action is responsive in relation to where we closed out yesterday, but initiative in relation to the bigger trend and also the initial response up over $50.
On the buyside, we saw buyers active at Wednesday’s VPOC. Overall, we are seeing some order in the behavior of oil prices, a constructive sign for the otherwise plunging commodity.
You can see my levels below:
Raul – I’m loving (and appreciating) the oil coverage. Went long UWTI after hours yesterday. No glory yet, but giving it a try…
Fully expecting my Succubus to give me a “crude” Nuru massage…
awesome, I like it too