CL Redux

Quote from Laissez Faire:

Any grand long term predictions from here?

The bear flag is fairly evident now for all to see. If we do break below, the 94 zone looks like a possible support area to me which is not that far from here.

A measured move would give us another 10$ drop and a lot lower.

I will probably not be in a position to trade such a move anyway, but it`s still interesting to see what develops. :)
More...

It's going to be tough for oil to move down another $10 without first consolidating this move. And this recent few days isn't much of a consolidation for the prior collapse. I suspect we break the recent lows of the last few weeks before running higher for a week or more before eventually collapsing lower. Or perhaps it doesn't even bother with first breaking the recent lows and just runs higher from here. But I just don't see another collapse from these levels without a run up to bring things back into more balance.
 
Quote from Laissez Faire:

At least a top. Good call.

I wanted to short .90 now, but was not supremely confident, so I passed.

IMHO, should not trade much below here if new highs for the day though.
More...

Thnx ... we'll see. Ema's holding for now, but starting to roll. If it retraces past 50% I'd be pretty sure no new HOD.
 
60 is holding like a rock.

Making a statement here or just postponing the inevitable?

There we broke.

Prior day`s low here as well. Perhaps we`ll snap back up just as fast?

50% at 44.
:(
 
Quote from plyka:

It's going to be tough for oil to move down another $10 without first consolidating this move. And this recent few days isn't much of a consolidation for the prior collapse. I suspect we break the recent lows of the last few weeks before running higher for a week or more before eventually collapsing lower. Or perhaps it doesn't even bother with first breaking the recent lows and just runs higher from here. But I just don't see another collapse from these levels without a run up to bring things back into more balance.
More...

I was thinking along the same lines, prolly a gap move to low 90s then a rally to 100 b4 further downside
 
This looks like cheap oil for the day if we can snap back up now.

If yesterday`s low does not hold, we could see a slide back to the LOD perhaps?

Trying a long at 55 with a 5 tick stop here.
 
You must log in or register to reply here.
Back
Top