The setupHere is the one hour chart. There are many possible paths for price but we are interested in getting a long position after price has found support on the organic sup/res offered by historical ML's. The fat black ML is seen here at just above 246.00... expect a dip below as price is fluid mechanically. A nice relatively tight stop can be used but timing is critical and our advanced study template has much more market structure revealed with some 27 PF since 2002! Price may retrace to 235 area in which case we will also pick up a few longs there. ( which is a .618 Fib level).... remember " fools rush in where angels fear to tread"... wait and watch and let time progress. we need more bars and price ation before this takes off and we may move sideways in cosolidation range for weeks. Remember that this is only a 2 PF study and please read my work and empircal study on horizontal MLs and reaction lines.
And lets see how things panned out shall we? Remeber we have rolled over from Dec 16 contract to March 2017 so allow for some price distortion....
Take a look at the horizontal organic ML's as zones of support and resistance... The bottom line is that you couldnt have gone far wrong here.
UPDATE 1st Dec.. Charts below:
and lets not forget crude but please foget the OPEC hysteria and look at the second reaction line from the black PFset/ medianline