WTI Crude (CL) is in the advanced stages of a weekly chart Bull Flag consolidation, where the Bull Flag is arguably extending. Nevertheless, with CL nearing completion on an ascending wedge (on the 4hr chart) and bumping up against upchannel resistance (on the daily chart), odds are moderately high for a retest of the psychologically key 110 whole figure level following today’s highly anticipated 1030am EST weekly inventory data. Watch as usual for any signs of escalation or ceasefire in the Ukraine-Russia conflict. Congratulations to readers who heeded the August 4, 2021 warning of CL’s vulnerability, and to Premium Members who benefited from the bullish triangle breakout highlighted Nov 18, 2020. The weekly and daily RSI, Stochastics and MACD are rallying but weighed by the tiring 4hr equivalents. I am looking at entering long in the green zone (of the daily chart), targeting the red 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, COCOA
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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