CL is boring this week, trading in a small range. As mentioned in previous post, it tried to test the ichimoku cloud and bounced! Resistance above is daily 20SMA, 200 EMA/SMA.
In the weekly chart, price is bounce off the mid of BB and the ichimoku cloud is acting as a support. Perhaps a bounce is coming? Could the hurricane harvey cause it to bounce next week?
In the 4 hr chart, price is consolidating at the 20 SMA, and 200 SMA/EMA. The ichimoku clous is acting as a resistance.The 200 SMA/EMA is flattening and looks to be sloping downwards. A downwards move seems imminent.
In the 4 hr chart, price is consolidating at the 20 SMA, and 200 SMA/EMA. The ichimoku clous is acting as a resistance.The 200 SMA/EMA is flattening and looks to be sloping downwards. A downwards move seems imminent.
Daily support/resistance on 28th Aug: 47.79, 47.65
Weekly support/resistance from 28th Aug - 1st Sept: 47.99. 47.9
Monthly support/resistance for Sept: 47.40, 48.01 (CLV7: 47.41, 48.05 ; CLX7: 48.05, 48.38 )
Monthly support/resistance for Aug: 49.12, 47.03 (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)
Weekly support/resistance from 28th Aug - 1st Sept: 47.99. 47.9
Monthly support/resistance for Sept: 47.40, 48.01 (CLV7: 47.41, 48.05 ; CLX7: 48.05, 48.38 )
Monthly support/resistance for Aug: 49.12, 47.03 (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)
2017 Yearly support/resistance: 49.35, 40.28
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