Cl. Taking care of business . Update
Jan 18
Jan 9 Whoa! 5.5%. I guess the reverse of what happened on the way down. Hell, yday I was talking about 50.80 as potential resistance but had a resistance line at 51.47. Had no idea the move would be that big. Anyways, I had said a couple of days back, that CL is on a mission and will get where it wants before giving up the ghost. For now, if the 51 area holds, then there is another chance that it could rip to 53.1-53.45. Having said that, there is work to be done below around the 50 area so I would think we could head there. IN the VST the 49.8 area is likely support below that likely the 47 area. I believe that 54-56 area is likely going to put a short term lid on upside. Above 54, there is mostly air till the 64 area. Trade safe.
Jan 11
Comment: you gotta love when things pan out. We hit the 53.1-53.45 area (53.36) and now PB . If this is a pause in the larger scheme of things, I would expect another attempt to around 52.5-52.8 before heading down to the 48-49 area. There is support at the 49.87 area so lest see how this plays out.
Jan 14
Comment: We got up to 52.36 and now selling off. There is a potential for a bounce at the 49.8-50.2 area. The magenta dotted line shows a potential H&S . A measure d move takes us down to the 47.75 area which is also a confluence area of Fibs from 2 different swings.
Jan 15
Comment: The neckline of the potential H&S did not materialized then but still remains valid. Like others indices, CL too is playing transformers!. A bounce of the neckline straight into symm resistance at 52.39. For now, I have set up short term support at the 50- 50.03 area. IF that holds, then it is very likely that CL could power through and head to the 54.56 area. In fact, that is what I am leaning towards. Support below 50 comes in at the 49 and 47 level.
Jan 18
Comment: I expected a PB to the 50 area but we only got to 51. I have been mentioning the 54.56 area for a while now. We are almost here. I think we could on a good move head to 55.85 or so and take it from there. Not setting up any support yest but lest just say 51 for now.
Jan 23
Nothing really has transpired since the last update. 51 still remains support and above, CL needs to cross above 53.60 or thereabouts for a chance to 55. DXY looks like it is heading down again. Perhaps the inverse trade may benefit oil. There is also a lot of chatter coming out of Davos so anything can happen.
Jan 9 Whoa! 5.5%. I guess the reverse of what happened on the way down. Hell, yday I was talking about 50.80 as potential resistance but had a resistance line at 51.47. Had no idea the move would be that big. Anyways, I had said a couple of days back, that CL is on a mission and will get where it wants before giving up the ghost. For now, if the 51 area holds, then there is another chance that it could rip to 53.1-53.45. Having said that, there is work to be done below around the 50 area so I would think we could head there. IN the VST the 49.8 area is likely support below that likely the 47 area. I believe that 54-56 area is likely going to put a short term lid on upside. Above 54, there is mostly air till the 64 area. Trade safe.
Jan 11
Comment: you gotta love when things pan out. We hit the 53.1-53.45 area (53.36) and now PB . If this is a pause in the larger scheme of things, I would expect another attempt to around 52.5-52.8 before heading down to the 48-49 area. There is support at the 49.87 area so lest see how this plays out.
Jan 14
Comment: We got up to 52.36 and now selling off. There is a potential for a bounce at the 49.8-50.2 area. The magenta dotted line shows a potential H&S . A measure d move takes us down to the 47.75 area which is also a confluence area of Fibs from 2 different swings.
Jan 15
Comment: The neckline of the potential H&S did not materialized then but still remains valid. Like others indices, CL too is playing transformers!. A bounce of the neckline straight into symm resistance at 52.39. For now, I have set up short term support at the 50- 50.03 area. IF that holds, then it is very likely that CL could power through and head to the 54.56 area. In fact, that is what I am leaning towards. Support below 50 comes in at the 49 and 47 level.
Jan 18
Comment: I expected a PB to the 50 area but we only got to 51. I have been mentioning the 54.56 area for a while now. We are almost here. I think we could on a good move head to 55.85 or so and take it from there. Not setting up any support yest but lest just say 51 for now.
Jan 23
Nothing really has transpired since the last update. 51 still remains support and above, CL needs to cross above 53.60 or thereabouts for a chance to 55. DXY looks like it is heading down again. Perhaps the inverse trade may benefit oil. There is also a lot of chatter coming out of Davos so anything can happen.
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