Great pitchfork & fib support.
Been using this fork since mid Sept (I think....) and it has been working fantastically. We should at least go test the median line which will probably give us another peak above the 200sma.
Been using/building on this chart since September and it has done a great job of providing guidance. One of two scenarios could play out here :
1. Dip buyers come in full force and we get back to ~2050 where the 200sma and downtrend line is with the potential for more is it breaks out.
2. Break, hold and close below 1976 which should get us to 1910 pretty...
CL clearly wants back in the channel or alternatively clearly does not want to be out of the channel...
Coming out of oversold territory, it is posting the fist strong day since it fell out of bed.
API numbers this evening posted a massive draw down and there is a slew of data coming this week that could provide support for bulls.
If the DXY sells off, it...
With a break above 2.72 we should be on our way to test 2.80 at a minimum and probably something closer to 3.00.
The uptrend is very much intact.
All downtrends being broken.
Lack of sellers on inventories.
Seasonal longs are in play.
Long with a stop below the days lows around 2.640
Very hard market to trade but that looks like it's done the down move.
Still could be the bounce of the year - scroll out to see the significance of other levels/lines on chart are.
I got stopped out last week and would look to re-enter longs some time soon