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WTI Crude (CL) Weekly MACD Trying to Negatively Cross


CFA, Founder Tradable Patterns

WTI Crude (CL) is consolidating just above a 2 week 4hr chart downtrend resistance, trying to halt a month long slide from the 2021 high.  Significantly, despite last week’s surge above the 2018 high, CL is bumping up against the 2013 low, increasing odds for further consolidation in the next few weeks.  Odds are about equal in the day or so following today’s highly anticipated weekly inventory data at 1030am EST and the US’ FOMC Meeting Minutes at 2pm EST, for a retest of the 38.2% Fib retrace of the rally extension from late August to late October, or for a retest of the psychologically key 80 whole figure level.  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 weekly MACD is trying to negatively cross, weighing on the bottomish or rallying daily and 4hr RSI, Stochastics and MACD.  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).

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