CL is still stuck in this narrow range above the neckline. A big move is coming either direction! The question is when. Maybe during the next OPEC meeting??
In the daily TF, we can see CL is in price is a uptrend channel. Now the price is in the middle of the channel and the ichimoku cloud may support the price from falling more.
All in all, CL is waiting for a big catalyst for a big move! Stay tune!
Daily support/resistance on 6th Mar: 53.69, 53.60
Weekly support/resistance from 6th Mar - 10th Mar : 53.59, 53.32
Monthly support/resistance for Feb: 52.98, 52.86 (CLH7: 53.16, 53.89' CLJ7: 53.86, 54.67)
2017 Yearly support/resistance: 49.35, 40.28
Daily support/resistance on 6th Mar: 53.69, 53.60
Weekly support/resistance from 6th Mar - 10th Mar : 53.59, 53.32
Monthly support/resistance for Feb: 52.98, 52.86 (CLH7: 53.16, 53.89' CLJ7: 53.86, 54.67)
2017 Yearly support/resistance: 49.35, 40.28
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