It is tricky to do a swing trade for CL now as it has broken below the resistance trend line, resisted by the inverse HS neckline and having a triple top. If the inverse HS is valid, the right should may or may not be fully developed yet. At the same time, price seem to be at the support area (yellow region) and if a HS is valid, price could bounce and form the right shoulder (46-48) before dropping to find support for inverse HS right shoulder. Complicated patterns, isn't it?
In the weekly TF, price is currently supported by ichimoku cloud. We shall see if the cloud will continue to support price.
In the monthly TF, price is flirting at the mid of BB. A consolidation is seen around this area.
With so many events influencing CL, it is not easy to hold a swing trade. Better to trade each day.
Daily support/resistance on 14th Nov: 43.36, 43.83
Weekly support/resistance from 14th Nov - 18th Nov: 44.49, 43.58
Monthly support/resistance for Nov: 47.65, 49.43
2016 Yearly support/resistance: 40.90, 48.56
In the weekly TF, price is currently supported by ichimoku cloud. We shall see if the cloud will continue to support price.
In the monthly TF, price is flirting at the mid of BB. A consolidation is seen around this area.
Daily support/resistance on 14th Nov: 43.36, 43.83
Weekly support/resistance from 14th Nov - 18th Nov: 44.49, 43.58
Monthly support/resistance for Nov: 47.65, 49.43
2016 Yearly support/resistance: 40.90, 48.56
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