A Friday start

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The daily chart is showing CL with a strong leg into higher prices. Apparently, the test of the $51 low held at the $54 price level. Yesterday, prices failed to breach the $58.20 high; so, a $57.10 price furthering the failure would be an immediate sell.

RSI, Williams R and CCI confirm the strong long bias. In particular, MACD is about to breach the 0 level, a significant threshold level. It is likely to bounce from it; but, if it doesn’t… It’ll signal a strong
CL H7. Chart courtesy of Ensign.continuation of the uptrend.

Chart_of_nymexqmh7

The 15 minute QM chart is showing mixed signals… maybe a tad of
bearishness –a break of the $57.77 level. I see a lot of bouncing
around –or failures of  continuation, fake breakouts, it’s Friday…
shallow waters.

To sum up, I’m sitting it out.

We’ll see how the day unfolds…


QMH7. Chart courtesy of Quotetracker