Here's a profile check on crude oil.
The chart has a composite profile from the 11th of jan on the left and the 2 profiles of the past 2 sessions on the right.
The one on the extreme most is the developing profile of today which is currently at 5171.
Yesterday's move in crude was interesting as it looked like it would stage a breakout from the balance area with follow up action later today.
The background to yesterday's move was the balance developing from 11/1 which is perfectly symmetrical as can be seen.
The move yesterday started from the Centre of this balance also the POC at 5171.
However late in the day the auction lost momentum and we had a gap down below this important OC today.
The current prices are seen just touching this OC at 5171.
At the moment the auction does not have enough momentum to break out of this balance and the payers are testing the boundaries of this range.
The levels on the outside remain 5127 and 5218.
These would be the qualifying levels for a breakout or breakdown if any.
5171 is the level which holds the bias between these 2 extremes.
Trade around it.