CL has a slight bullish week. It is slightly above the neckline of the inverse H&S and is now in the previous area of 3 months long consolidation.
In the daily TF, there is a possibility of a cup and handle pattern. However, the blue or black lines is more possible?
There are 2 resistance area as circled in yellow. Currently it is in the first area, and overcoming it will lead us to the 2nd area, as long as price is within the ascending channel.
Daily support/resistance on 17th Apr: 52.98, 53.11
Weekly support/resistance from 17th Apr - 21st Apr: 52.95, 53.03
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
Monthly support/resistance for Mar: 53.71, 53.13 (CLK7: 54.27, 53.93)
2017 Yearly support/resistance: 49.35, 40.28
In the daily TF, there is a possibility of a cup and handle pattern. However, the blue or black lines is more possible?
There are 2 resistance area as circled in yellow. Currently it is in the first area, and overcoming it will lead us to the 2nd area, as long as price is within the ascending channel.
Daily support/resistance on 17th Apr: 52.98, 53.11
Weekly support/resistance from 17th Apr - 21st Apr: 52.95, 53.03
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
Monthly support/resistance for Mar: 53.71, 53.13 (CLK7: 54.27, 53.93)
2017 Yearly support/resistance: 49.35, 40.28
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