During Monday’s day session (September 17) November Crude had a dramatic drop out of the blue to wake up the markets in what had been a boring, narrow range day across the board. Crude has now formed range extremes of much great importance than the same levels would have been if not for the dramatic drop and subsequent bungee jump that appears still in progress as this is being written.
To the upside 9962 – 10100 that includes Friday’s and Monday’s highs, and to the downside 9506 – 9411 that includes Monday’s low and several buying tails, are important KRAs (Key Reference Areas (Auction Market Inflection Points) from where there is a high probability of a sharp reversal or acceleration when reached.
