Dec 20
Slowly but surely basing. We got to 45.22 and now forming a triangle. Whether it will stay within the confines and break out or break down again before breaking out remains to be see. That 47.50 area needs to be captured before it can try and head further up. It is likely that a reversal like the one we saw a couple of years ago is in the cards.
Dec 23
Comment: Since the last update, we got the break down prior to the break out. We broke down, tagged the 1.272 extn at 45.07 tried to get above 46.36 and then got sent back down to retest the lows. Whether or not this low holds or not will remain to be seen. To make it simple, lets just say that it needs to get above - 46.76 to even attempt the 49 area. It seems a long way off.)
Wow. What a move on /CL. After a spectacular break down to the 41.80 area almost 10% move. Unbelievable. AS I had written on Dec 20th, a move similar to the one we got in 2017 is on the cards. This was even more stellar. We are kind of at resistance now and we have to see whether the 42.5 area holds (if it gets there)
Jan 2
Comment: /Cl took a few sessions to just blow off some steam and traded sideways. Another pretty good move up 3% almost as I write. Watching 48.30 -48.99 and above that 49.06 to begin with as potential targets 51.85-52.22 will be the real test.
Slowly but surely basing. We got to 45.22 and now forming a triangle. Whether it will stay within the confines and break out or break down again before breaking out remains to be see. That 47.50 area needs to be captured before it can try and head further up. It is likely that a reversal like the one we saw a couple of years ago is in the cards.
Dec 23
Comment: Since the last update, we got the break down prior to the break out. We broke down, tagged the 1.272 extn at 45.07 tried to get above 46.36 and then got sent back down to retest the lows. Whether or not this low holds or not will remain to be seen. To make it simple, lets just say that it needs to get above - 46.76 to even attempt the 49 area. It seems a long way off.)
Wow. What a move on /CL. After a spectacular break down to the 41.80 area almost 10% move. Unbelievable. AS I had written on Dec 20th, a move similar to the one we got in 2017 is on the cards. This was even more stellar. We are kind of at resistance now and we have to see whether the 42.5 area holds (if it gets there)
Jan 2
Comment: /Cl took a few sessions to just blow off some steam and traded sideways. Another pretty good move up 3% almost as I write. Watching 48.30 -48.99 and above that 49.06 to begin with as potential targets 51.85-52.22 will be the real test.
Comment:
Well, we got to 49.24 a little above 49.06. Potentially the look of another HIS forming. IF this is indeed the case, a measured move should take us to the 58 area. Of course, there are hurdles above. Above 49.40 you run into resistance at the 51.8 area for starters and above that the 54 area. Support for now comes in at around 47.4 or thereabouts and around the 46.8 area. Personally, I think CL has a target above and it will reach it before it gives up the ghost if that is the intention.