WTI Crude (CL) Weekly MACD Tries Positively Crossing
WTI Crude (CL) is trying to add to yesterday’s gains after breaking above the psychologically key 80 whole figure level. Any decisive surge above the slightly downsloping resistance line (on the daily chart) connecting the December and January highs will likely though have to wait until after Thursday’s highly anticipated weekly inventory data (postponed from today due to Monday’s US Dr Martin Luther King Jr Day holiday). Odds are now moderate for CL to test by month end, the 38.2% Fib retrace of the slide from the 2022 high in June to the December low, coinciding with what might become downchannel resistance (on the weekly chart). The escalation in the Ukraine-Russia conflict deserves close monitoring. 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, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. 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, SOYBEAN
Source: Interactive Brokers TWS
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