did point out last time the potential H&S . It still remains potential though a bit more developed. We are nearing some important support on CL . It should hold 52 -52.5 area if this is to go up. I mean of course there is always th e possibility of a long tail in CL to the 50 area, but the longer it stays below 52.5 the tougher it gets IMO . Interestingly, that area is also the neckline of the H&S the POC and confluence with some Fib symm support. In some earlier post, I had mentioned that above the 55 area was thin air till the low 60's so this might just be a breather before a full fledged onslaught if that is the objective.
Feb 7
Comment: Typo. 51-51.50 (52-52.5)
Well the H&S as of now is still a possibility. That will likely diminish above the 54.7 area. We bounced off the 51 area support as mentioned previously. We got quite move today in CL. We are likely to PB the 52.26-52.85 area before attempting a move up if that is the objective. There is a lot of congestion in this area, so some patience is likely required. we are very close to VPOC on a composite (51.95) so price is coming back to this area time and again.
Feb 7
Comment: Typo. 51-51.50 (52-52.5)
Well the H&S as of now is still a possibility. That will likely diminish above the 54.7 area. We bounced off the 51 area support as mentioned previously. We got quite move today in CL. We are likely to PB the 52.26-52.85 area before attempting a move up if that is the objective. There is a lot of congestion in this area, so some patience is likely required. we are very close to VPOC on a composite (51.95) so price is coming back to this area time and again.
Comment:
Well, /CL has reached the 64 area that was mentioned back in the JAn-Feb time frame. Perhaps a small PB here. the 59-61 area. IF it finds support there, then likely headed to the 67-68 area.