hey everybody Jimmy here welcome back to the channel so I thought today we could break down crude oil we could tear it apart dissect it look at it see where we’re going for the next week we’ll also look back to last week see what we thought and sort of see how things went and kind of compare the two see if we were in the ballpark or not I like to look at dwt and UWT just to get an idea to see what they’re doing and then compare them to forage slash CL which is the crude oil futures and we’ll just try to get a good game plan or a good feel for what we might be looking at for this upcoming week so why don’t we jump into the charts all right here we go we’ve got /zl up on the charts and I’ve got the weekly chart and we’ll just take a peek at this we’ll start big we’ll go small we’ll kind of work our way in and we can see right now as of last week I know that we were talking about how we had bounced at this point here and we had talked about the $52 level and how we thought maybe we were gonna return back down to that level sometimes over lad of course the last week and then that would be a critical time to know you know waiting for confirmation of the break of 52 or the confirmation of the bounce from 52 so 52 area of 50 to 50 right in this area we’ve had some significant action and so we were kind of eyeing that last time we we touched base on crude oil so right now we did put in a down week last week and we did come down and we touched let’s see what this low was the low of 53 24 so let’s flip over and look at the daily chart real quick and we’ll just sort of try to break this down a little bit so /zl right now I’m gonna actually put our drawing back in because I think that was a good we had sort of a good line on that and then we’ll do another zoom in so right now looks like we’ve had you know a couple touches down here and then we had the lower highs lower lows lower highs lower lows lower highs and then we had a higher low and then but it was sort of that quick bounce we talked about how we touched twice up here and now we’re rolling over so as you can see we had a big push down on Friday down to the low of 53 so we’ll see because I think we were one two three four five six yeah so we were right up in here when we were talking about this last week time about how we might go a little bit lower and looking to maybe go to 52 and then if we break 52 looking for that confirmation before we go lower so it looks like we had this little push up with the roll over and being that we’re still down trending we still have our 200 simple moving average moving down all our indicators the 15 simple moving averages moving down and it looks like we’re setting different lower highs so we can call this here our lower high the first one we’re looking at here’s another lower high and then we kind of got this area in here as a lower high I know we touched it twice but we didn’t get it breaking above this and now we’re heading back lower so then if we look at our lower lows we seem to have some of these areas in here that we’re looking like like possible lower lows so I’m curious to see what it’s gonna happen this upcoming week but it looks like we should continue as we talked about last week continue down towards this 52 level that would be my guess and again this is just my opinion so don’t trade based on exactly what I’m saying this is just me interpreting the markets for what I think and how I feel about this but it looks to me right now like we are down trending and we did get this lower high and even though we did push back up here we didn’t break these highs so we’re kind of still moving to the downside so we’ll see what happens this week we’ll see if we break this critical 52 level and see where we go from there but right now moving into this upcoming week I would say that we’re probably likely to go lower down to where we thought we were gonna go last week and then again once we get to this 52 level if we do get a bounce I would wait to jump in until you get that retest so you get that next higher high higher low and then a break to the upside so it looks something like this let me draw with with our line tool here so if you get this downward movement here and then we get a move up you want to wait for a pullback and then the critical point is that this is a higher low followed by a break of this level the higher high so you get a bounce we get this higher high then this pullback which creates this higher low and then a break for another higher high so it’s sort of showing a change in trend if we get that then it might be looking like we might be shifting cl2 move to the upside but if we get the move down let’s say we go lower then we want to wait for this retest back to this level and then we want this break down below this next lower low so if we get this that’s gonna be an indicator that we are possibly going lower so I would probably be looking for myself to look to DWT if we break below this level here but it’s just critical to watch this 52 level because we’ve had some interactions and see if we get the bounce or if we get the break with the retest so with that being said why don’t we jump over and look at UWT just to see what the charts looking like over there so you can see here on uwt kind of the same setup we’ve got a high there and then we moved into a low there and we had a lower high and then we got what looks like down here because we call this the lower low down here then we got this lower highs that kind of came in in here and then now we’re going lower in this with this candle here so it looks like we’re breaking this this level here so I would look for this to go lower so following the /zl futures market I anticipate this to drift down to this level and again if we draw a line in for UWT you kind of see we’ve just got a lot of interaction sort of in this in this level or in this area so it’ll be interesting to kind of see what it looks like moving forward into this week but this level seems to be somewhat of holding some sort of significance so if we do get that bounce wait for that next higher low with a break of the neck of the previous high like we just drew and then if we break lower we’re waiting for that retest to go lower so if things do move lower then we’re gonna want to look to DW T and with DW T we’ve got or kind of got this level setting up I’m just sort of drawing stuff just to kind of make sense of it all but just seems like we’ve got some the interaction on some of these levels so right now DW T is kind of looked a little bit a little bit flatter than uwt but we’ll keep an eye on it and again this is all based off /c l so we always got to keep an eye on /c l to see exactly what is going to happen to make our decisions moving forward but key takeaways for this week on for such CL with sweet light sweet crude oil is we’re watching this 52 inch level watch them for the bounce with the retest or the breakthrough with the retest but I do think we are gonna possibly drift down to that $52 levels so what kind of keep an eye out for that we’ll see what’s gonna happen but that’s sort of my quick interpretation of maybe what’s going to happen over this upcoming week so thanks for stopping in I appreciate your time leave me a comment below ask any questions that you have and we’ll get back at it on Monday see you then