CL - Resistance at 63
Technicals favour a lower price on the weekly:
- Major resistance at around 63
- at the upper band of the BB
- CoT : Commercials are extremely short
- Seasonality: Weakness into Feb due to reduced demand for heating oil. The extreme cold right now my override this
In favour for bull:
- continous draw down of crude stocks, which is already...
- Technical: in a range between 340 - 360, in the middle of the BB
-CoT: Commercial reduced there Longs a bit, thus fabvouring rising prices
- seasonal trend: neutral until February, than March rally
- Fundamental: high demand, but also ample suppy. This will favour the range for the next month
Summary: will wait for USDA report on Friday.
Then probably will sell...
