CL Redux

Quote from EON Kid:

I’ll just cover my eyes and ears

Are you watching today’s channel Mr Saliva?
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I am a real sucker when it comes to TLs and Channels, sir!
 
Quote from saliva:

Back in long at 70.14

Stop, again, placed below LOD.
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Half out 70.58

Looking forward to taking profit on the rest at 70.98 with the stop now raised to 70.28.
 
A reversal is in order because

1)We held the long term support as shown
2)$70 was not breached convincingly
3)A retracement for the $7 drop(from $77) is in order
4)Bullish candle stick pattern as shown
 

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Quote from usman88:

A reversal is in order because

1)We held the long term support as shown
2)$70 was not breached convincingly
3)A retracement for the $7 drop(from $77) is in order
4)Bullish candle stick pattern as shown
More...

Im not seeing a reversal today but plan on being a buyer at 69.45 tommorow. Im going to wait for it to touch that area first (trendline) I would expect to fully wash out the longs they are going to get it below 69.79 this week. If not then next week im going to target this weeks low as a buy point
 

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Seriously, to me mid to short term price action in CL, 6E, GC and so on doesn't look good for longer term longs. I may be wrong, and as I said I don't trade longterm, but this is what I see. Can't help it.
 
Quote from saliva:

Half out 70.58

Looking forward to taking profit on the rest at 70.98 with the stop now raised to 70.28.
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It appears that I got my fill at 70.98. I wasn't feeling too well this morning so I didn't even bother getting out of the bed. I hope you folks took some hefty profit. That slide looks mean as hell.

As I posted earlier in the week, as did a few of you, we've hit the damn trendline on the daily (give or take a few cents from yesterday's LOD), which "should" act as a support. However, this being CL it's hard to make a judgment call. Had this been ES, I woulda said long ago, get your ass on board because we're going up (and we probably would be up!). Speaking of which, CL and ES used to move in synch but they ain't now. If they file for a divorce, I wonder who'll be responsible for the alimony. :D

Have a nice weekend, y'all.
 
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