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WTI Crude (CL) Struggles to Reclaim Weekly Chart Upchannel Support

By:

CFA, Founder Tradable Patterns

WTI Crude (CL) Struggles to Reclaim Weekly Chart Upchannel Support

WTI Crude (CL) is looking fatigued after giving up the psychologically key 70 whole figure level late last week.  Significantly, although CL reclaimed upchannel support (on the weekly chart) briefly last week, it is arguably back below it now, and increasingly at risk to form a lower September high versus the August high.  Markets often will briefly reclaim an upchannel support after breaking beneath it, only to make a lower high followed by a lower low and a trend reversal lower.  Volatility will surge following this week’s deferred inventory data released Thursday at 11am EST.  Congratulations to readers who heeded the August 4th warning of CL’s vulnerability, and to Premium Members who benefited from the bullish triangle breakout highlighted Nov 18th.  The downsloping weekly MACD is weighing on the weekly RSI and Stochastics.  I am looking at entering short in the red zone (of the daily chart), targeting the green zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here for analysis on NATURAL GAS, S&P500

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

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