CRUDE OIL : Support at Gann Arc
Have annotated the current decline in CL1 with Gann angles and arcs. Usually, the first good support during a drop is often seen at the third double arc and this is found to be the case in Crude chart. Hence expect this low near $53-54 to hold for some time.
Following a bounce at the third arc, prices generally show a tendency to move back towards the 1x1 angle line. This is placed around the $78 level currently (moving lower). Hence rallies may have a max extent around 75-78 in the weeks ahead.
Larger degree trends continue to remain down. Hence only a rally is expected to unfold in the weeks ahead. Such rallies can be traded in the short term while longer term players may use rise into resistance to short later.
Following a bounce at the third arc, prices generally show a tendency to move back towards the 1x1 angle line. This is placed around the $78 level currently (moving lower). Hence rallies may have a max extent around 75-78 in the weeks ahead.
Larger degree trends continue to remain down. Hence only a rally is expected to unfold in the weeks ahead. Such rallies can be traded in the short term while longer term players may use rise into resistance to short later.
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