CL Redux

I don't know about you but this week proved to be a challenge for me even though I managed to eke out some small fortune, enough to go bar hopping over the weekend. :) All the zigs and zags followed by a sudden upthrust got me quite confused. While I had a few good runners, I didn't like the way I managed the trades.

Anyway, here's what I see going forward. Sometime next week, we'll most likely find support near the breakout area between 76.50 and 77 (CLZ9), at which point there should be a stiff resistance by the bulls. If the buyers don't step in at that time, this rally could become fatal for the Johnny-come-latelies.

Have a nice weekend y'all.
 
The big play today seems to be a break below the 78.5 area will take us to 78 in a flash. I covered half my short from Friday already. Will cover the rest around 78 or maybe get into some NOV 80 calls. I have a stop around 79.25. Have a good day!
 

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Quote from schizo:

Just what gives? Is this news-driven or due to all the johnny-come-latelies jumping on the bandwagon?
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I lost money from 75 to 77, tried to pick a top at last resistances; got absolutely steamrolled.
Earlier today, China post 9% growth for last quarter gdp, I will stay sideline and wait for opportunities for building long CL.
 
(Bloomberg) Crude Oil Rises to One-Year High Above $79 as U.S. Equities Extend Rally Crude oil rose to a one-year high as advancing global equities bolstered confidence that an economic recovery will lift fuel consumption.
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I say it's a complete hogwash (or, better yet, horse $hit), but who cares at this stage in the game? Play on! :)
 
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