There's nothing going on in the markets so I'm planning out the next week in advance.
For CL the theme was that it had been in a giant consolidation triangle for many weeks and then broke to the up side on news of trouble in the middle east.
Once the fears died back to normal it ranged around on the bottom of the range defined on sunday.
Overall I am bullish on crude. But to get there I am expecting it to want to tag the POC of the triangle below. And to do that I expect I expect it to do a head fake to the up side.
So I'm watching for upward fake out, test below, then swing back and range around in the sunday range region. From there who knows. I think 56 could be a great location for swing longs.
For CL the theme was that it had been in a giant consolidation triangle for many weeks and then broke to the up side on news of trouble in the middle east.
Once the fears died back to normal it ranged around on the bottom of the range defined on sunday.
Overall I am bullish on crude. But to get there I am expecting it to want to tag the POC of the triangle below. And to do that I expect I expect it to do a head fake to the up side.
So I'm watching for upward fake out, test below, then swing back and range around in the sunday range region. From there who knows. I think 56 could be a great location for swing longs.
Comment:
It seems to be following that sketch somewhat, plan is now for a bearish bias and see if it wants to test 56 at some point.
