NYMEX:CL1! LIGHT CRUDE OIL FUTURES
A deeper look at some of the reasoning behind this chart from earlier today:
Nice draw! Agree sym triangle break receives benefit of the doubt. Early 2011 horizontal resistance at ~114-115 is the thorn in the emergent rally's side here, critically hemming in momentum. No failure back into triangle supportive; inability to get it together post-break - even with heightened geopolitical anxiety - not supportive. Until 100 (back into triangle) or 115, tone remains neutral-bullish.
Thanks AU(K) :) !
Yeah, fully agree with ya. When all these bull setups compound on top of each other the result is often self fulfilling. We do need to see $115 taken first and foremost. Looking like just a matter of time before that's in the rear-view mirror, imo. Cheers brother!
Patience will be rewarded on this one, I'm sure. Not to seem simplistic, but so much hangs on the rhetoric around and the eventual fact (or not) of military incursion into Syria; but well-rooted risk management and the capacity to adapt quickly are major assets here - assets that we possess in abundance as the little guy. Trade'em wel!
Watching $104-$106 as area of resistance. Should it hold below a new breakout here, CL could be headed to the lower edge of the major triangle. Gotta comment on how interesting I thought it was where the breakout retraced to on the minor trend line. I guess that one was more important technically than my big bold trend line above!