CL Redux

Merry New Year, muhahahahaha

next move looks to be up, we have a IHnS action going on the weekly. 103 neckline break price action will be the decider.

Hope you all have a gr8 year!
 

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Quote from EON Kid:

Case for Sustained $100 Oil


http://advisoranalyst.com/glablog/2012/01/01/case-for-sustained-100-oil/
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Hi, Guys :) Been a while. :) Hope everyone's been great. Happy New Year!!!

Thanks for posting those charts Kid.

In regards to the article here, it makes a good case for being bullish and long. But as far as Iran closing the Strait of Hormuz, that's not going to happen. That was just some sabre rattling from them. They'd get their ass kicked big time if they tried it. I think this was already priced in and now discounted a bit as we've seen a small pullback. But some of the other issues are relevant.

Another thing though is articles like this also contribute toward traders thinking they can figure out what will happen next based on a few fundamental realities. And of course the thing is there are so many fundamental realities effecting price movement. If we get too hooked into buying into some version of what's up fundamentally we maybe ignore what's actually happening with price action, always a mistake.



As a famous ET trader once said and has been quoted here many times, "Friends don't let friends think and trade." :)
 
we are working that bell curve denoted by high/low marks,working inside that larger channel we came off the top ,down to the cleavage(92) or lower limit of bell curve,the 98.75 -99 area is the nip,or neutral zone,that's a wait and see area ,which ever direction it moves going away from there ,follow,we could return to 92 area and work down to 86-85 circled area and then to the 76 tl,or nip below at 75
 

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Does anyone know if API has a report coming out this week? They had that last one that came out ahead of the EIA report which is on Thursday at 10 AM PST/1 PM EST this week.
 
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