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CL Overview
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CL Overview

  #21 (permalink)
Elite Member
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Big Mike View Post
I think if we can close above 86.00 today then we will test 89 again.

Mike

I agree. If we break out to the upside we might see 90 $ soon.
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  #22 (permalink)
Sharpening mental edge
the congo
 
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tigertrader View Post
Crude didn't top out because of the divergence on the chart. The divergence on the chart might have been one clue that CL was over bought and susceptible to price exhaustion, but not the cause of CL selling off. It was in part, event driven by changes in macro-economic conditions, i.e., China and the dollar, and in part driven by changes in micro-economic and technical conditions, i.e, everybody was stuck the same way. Charts are only a graphical representation of price action, that gives you a point of reference and reflects what is transpiring in the marketplace.

It topped out due to excess supply, simple as that. The reasons for that are effectivly irrelevant.

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  #23 (permalink)
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$89 here we come

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  #24 (permalink)
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Agreed, $88.40 possibly into the close if it pops thru the recent high.

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Big Mike View Post
$89 here we come

Mike


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  #25 (permalink)
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$89 in the bag.

Resistance from here would appear to be $95, but of course the daily/weekly/monthly pivots in between.

I would imagine we will see it fall back to 85 area next week, just a hunch.

Mike

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  #26 (permalink)
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Why $95? I don't see it anywhere on my charts.

Not sure how meaningful this will end up being, but the all time highs to lows 50% retracement is coming up at $90 and I also see 2 fib targets of $92.

I don't know if you use pitchforks, but the one I posted yesterday continues to be outstanding. Here's a refresh of action since yesterday.
Arrows pointing the reaction at the median and lower parallel, and shaded oval at the midpoints.
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  #27 (permalink)
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Snoop View Post
Why $95? I don't see it anywhere on my charts.

I already closed my charts for the weekend but I was just looking back to the last new session high area, it was from several months back but I forget the exact date.

Mike

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  #28 (permalink)
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It seems like we may hit 92.00 today, and 93.50 by tomorrow, will depend on where we re-test a support base.

Mike

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Need help?
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  #29 (permalink)
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Yesterday was a narrow range day (NR 7 Day), so I expected a breakout for today. I was not at home this morning, otherwise I had tried to trade the breakout at yesterdays high.

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  #30 (permalink)
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Big Mike View Post
It seems like we may hit 92.00 today, and 93.50 by tomorrow, will depend on where we re-test a support base.

Mike



Oops

Mike

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