Crude Oil Update

CLG21

The first break from the 49.59 major Gann square so far has only gone to 23.6% of the leg from the 11/2/20 low. This was 46.00 and keeps the market very strong, however failing to make a new high for the move will be a negative sign and you should look for a break down to 44.00. In this area is a major Gann square, 38.2% of the 11/2/20 low and 23.6% of the whole move up from the 4/22/20 low. The long term swing point remains at 41.00, this is 38.2% of the 4/22/20 low. The target area with a couple close's above the 49.59 major Gann square is the 55.98 major Gann square and 57.50, this is both 78.6% back to the high for the year and 61.8% back to the 2018 high.

The first chart below is the daily chart with the major Gann squares on them, the second is an hourly chart with the secondary Gann squares that are based on Gann's Law of Vibration and can be used as support and resistance as well as swing points and targets.