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CL- Beginning of new bracket, or the cusp of a breakout?


Discussion in Commodities

Updated by nb10071981
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CL- Beginning of new bracket, or the cusp of a breakout?

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Daytona beach Florida
 
 
Posts: 84 since Jun 2017
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CL- Beginning of new bracket, or the cusp of a breakout?


Crude has settled in above 70$ in the past week finding support at 70.40, acceptance between 71.00-71.15 and resistance at 71.94. After yesterday’s EIA report failed to push CL past the established resistance of 71.94. Does this imply that the auction in crude has developed a new temporary trading range or bracket? Any input or opinion would be much appreciated. Trade well.


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