This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
I think the CL chart, which suggests a break out, is actually deceptive. I don't believe TPTB will allow the rally in oil prices to continue, as it poses too great an inflation threat. CL has been used to goose algos ever since last February. With the anniversary of that 26.05 low coming up, today's 50+ prices run the risk of recasting the current economic stagnation as "stagflation."
Hi PW....I was actually thinking the chart looked a little bearish but was too lazy to post text :-) Certainly the doubling off the low is classic Gann resistance and the bearish reversal day last Tuesday....if it can break the tops at 52....
I think the CL chart, which suggests a break out, is actually deceptive. I don't believe TPTB will allow the rally in oil prices to continue, as it poses too great an inflation threat. CL has been used to goose algos ever since last February. With the anniversary of that 26.05 low coming up, today's 50+ prices run the risk of recasting the current economic stagnation as "stagflation."
ReplyDeleteHi PW....I was actually thinking the chart looked a little bearish but was too lazy to post text :-) Certainly the doubling off the low is classic Gann resistance and the bearish reversal day last Tuesday....if it can break the tops at 52....
ReplyDeletehope you are well