***New: PTG Trading Room Chat Log’s Link
Crude prices neared a two-week low on Tuesday despite dubious progress in Russia-Ukraine talks that suggested only one thing: the rebound, when it comes, will be wild and just what the oil bull had ordered.
New York-traded U.S. crude benchmark West Texas Intermediate, or WTI, settled down $1.72, or 1.6%, at $103.24. WTI fell below the $100 support to $98.58 earlier, marking a near two-week low.
The slump followed Monday’s 7% drop in both crude benchmarks and reinforced the sheer volatility that has become the new normal for oil these days. It’s a phenomenon that appears encouraged by longs seeking to buy the dip in crude, to profit big-time later.
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 3 (CD3): Price oscillated throughout most of this session having fulfilled upside cycle objectives. Late day newsy flow helped price expand higher away from consolidated intra-day value zone, closing near highs of the day. Range was 66 handles on 1.312M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Bulls are in-control of current price momentum, so it is theirs to lose. Average Decline for CD1 measures 4600. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains bid above 4615, initially targets 4630 – 4635 zone.
Bear Scenario: Price sustains offer below 4615, initially targets 4605 – 4595 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 1 (CD1)
PVA High Edge = 4616 PVA Low Edge = 4585 Prior POC = 4606
Range Projections and Key Levels (ES) June 2022 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price begins a new Cycle with Average Decline measuring 15175 which has been fulfilled during overnight trade activity. Prior range was 312 handles on 547k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 15175, THEN initial upside estimate targets 15225 – 15250 zone.
Bear Scenario: IF Bears sustains offer below 15175, THEN initial downside estimate targets 15142 – 15140 zone.
PVA High Edge = 15190 PVA Low Edge = 15045 Prior POC = 15142
Range Projections and Key Levels (NQ) June 2022 (M) Contract
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
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