WEEKLY VIEW of Crude. We have been hearing a lot of predictions about crude and we have even stated that we like the upside...but if you take a close look at the weekly chart it illustrates how crude tested each side of it's range and then closed in the middle for 5 straight weeks. Lots of indecision. The weekly pattern screams more upside but the indecision of the last 5 weeks suggests it's a coin flip. We will wait for the pattern to resolve itself and then trade in that direction.
I agree we are in trading pattern. As I said on twitter, I went short at 4688 today, hope to hold until reaching short-term target of 45.28; also said buying to close half position at 45.80 was reasonable. I'm waiting to see that market will do. I'm assuming CL will not break above 47.20 for next few days if at all mid-term.
Wow, bog move today. Sold 2 CLs yesterday at 4688. Bot 1 at 4580 and got stopped out of 2nd at 4660. The only thing I didn't do was stick to plan and reverse long at 4720. Instead I shorted 1 at 4733 and got stopped out at 4755. on to the next trade. Thinking we might get to 4915 tomorrow pre- inventory report. a bad report could send us back down. Should be an interesting day.