CL Redux

Quote from tycoonman:

-10pts in 4 days?! after the huge dip friday and today? you don't see a rally coming? Technically speaking...
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There can be a rally, but if the technical support at 95 is broken, then there's a possibility of a huge move down.
 
Quote from tycoonman:

-10pts in 4 days?! after the huge dip friday and today? you don't see a rally coming? Technically speaking...
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Probably not in 4 days. On second thought, this IS oil futures we're talking about. My chart shows a 10-pt one-day drop back in May...

Technically speaking that daily chart has measured move continuation written all over it. I personally have trouble believing it could drop that far, because there's been a strong bid supporting the lower end of this range.

I'm not swing trading CL. It was just an observation. There's no way I could swing trade this thing right now. No clarity whatsoever, just a wide range following serious trend break.
 
Quote from tycoonman:

getting close to your 96 prediction...i think we'll see 97.50 before 9am est

i trade 1 contract at a time; trade CL with 8K and the rest is for ES. Generally don't trade the CL due to its volatility and speed, but im testing the waters out today. was on the wrong side on the first couple, but have ridden the trend down all night since then -- been pretty sweet (but im not getting hopes up -- profits go just as fast as they come in the CL).
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8k not enough. Might cover the margin, i suppose.
 
Quote from NoDoji:

No clarity whatsoever, just a wide range following serious trend break.
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I wonder if these are some sort of expiry imbalances - last expiry also caused max pain to CL call buyers. But the discount to Brent (at 22) went outside of its channel and is now parabolic, not sure how to interpret relative weakness of CL. Does the Fed need a low inflationary environment for next week's meeting?
 
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