The week of July 30 presents breakout traders gold, Eurodollar and crude oil setups. All three are in narrow ranges on multiple time frames with inside-range pivots, compared to this week. Monthly pivots are also inside-range on the Eurodollar and crude oil, making this a time-pivots breakout as well. If one considers the last 10 days’ range as a time series, then half of its length could be rotated upwards/downwards in the price axis (use your finger’s distal phalanx for past 5-6 days and rotate 90-degrees up/down) to give a $71.00/barrel or $66.00/barrel target as a rough estimate that may seem today like a crazy place for price to be.
From:: Resource Investor