In the great works of Will Smith and DJ Jazzy Jeff we are entering into Summertime! Memorial Day weekend is the kickoff of the Summer Driving Season and with the OPEC bloodbath behind us we now have had a great entry point for the summer ahead. We should expect huge draws all summer and with Saudi Arabia trimming their oil exports to the US we might be in for a...
People are saying the trend line is broken...however it appears to me we are on the cusp of that line to be broken and when/if it breaks oil should drop hard. All this is said as we enter driving season. Should be a fun show to watch.
We are still trending for 1300 as the floor by early May.
This time of year I am naturally bullish on CL with the summer months ahead and when the channel last week failed it sure looks like we might be in for more of a drop. Watch out for 48.50 then 47.30. Crude is not in a good place right now and bulls are getting taken to slaughter. Good luck to all.
We could possibly see a breakout on GC this week. Stay tuned.
Hello all...please take a look at this channel on the Daily Chart and let me know if you think we might have a huge buying opportunity entering driving season for CL.