CL has a bearish week, Right now, price is at the 200 MA/EMA area as well as at the 61.8 fibo level. This could trigger a bounce but I am not sure how strong the bounce is. Would this be the bottom or more low coming? Based on the trendlines, it seems that price could drop further down. If it breaks and hold below the trendlines, it would be rather bearish.
From the 4hr chart, we can see a small red hammer at the lower BB. Based on the small green hammer on the left, a bounce / rally occured thereafter. The only difference is it is a red hammer. Would we see a bounce next week?
From the monthly TF, it seems possible that price may drop to the mid of BB. Notice that the BB is narrowing. A big move is in the making! Be vigilant!
Daily support/resistance on 24th Apr: 49.78, 50.07
Weekly support/resistance from 24th Apr - 28th Apr: 51.25, 50.17
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
2017 Yearly support/resistance: 49.35, 40.28
From the 4hr chart, we can see a small red hammer at the lower BB. Based on the small green hammer on the left, a bounce / rally occured thereafter. The only difference is it is a red hammer. Would we see a bounce next week?
From the monthly TF, it seems possible that price may drop to the mid of BB. Notice that the BB is narrowing. A big move is in the making! Be vigilant!
Daily support/resistance on 24th Apr: 49.78, 50.07
Weekly support/resistance from 24th Apr - 28th Apr: 51.25, 50.17
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
2017 Yearly support/resistance: 49.35, 40.28
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