Can bulls punch it in ? at top of range. As posted yesterday iH&S pattern on 60min chart.
I think between 46-45 it is going to be more chop zone.
ES pressing higher can help CL
Upper trend line break and possible inverted H&S pattern forming. However I think if we get under $45 and consolidate it could be a failed pattern and bears win
EIA traps. Post report, price almost always recovers to previous path/trend.
Price bounced off 50% fib retrace from today high and yesterday low.
Need to hold $45.20s and get back on bull track.
If we slip lower could be spike down into the $44.60s
but still short term bullish. All just my opinion of course
Obviously today was a win for the bulls and the green close got price a little further away from slipping into the abyss. I think if we can get over and hold $46.00 and break the descending trend line bulls have a good shot at $48. Tues API and Weds EIA typically do not change a longer term trend but they can wreak havoc on existing positions or give good entries.
In my opinion bulls need to hold this $44.50 area and if we get under $44.30's on volume we could possible see $42 and if break that maybe even retest of lows $37 in coming weeks
If CL can break and hold $44.30's I think we have a shot at pit closing $44.80s. We could roll off this level we could end up back on the lower trend line around $44.00 which is not good for bull case. But it is also a Friday and things are slowing down already
From late June to July , low to high, a 50% retracement and hard bounce already took place. Could see another test of 50% fib at $44.60 area Still seems to be within rising channel. As a bull, like to see the lower trend line hold. Under $44.60 and/or trend line break with consolidation and volume,,the bull party could be over for a while and a $42.00 retest likely
See no reason to think bullish short term trend is reversing. API and EIA did nothing to suggest otherwise. Rare these reports actually change trend. Pullbacks are expected.
