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 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.
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.