Interesting action in Crude Oil $CL_F last few days. If we ignore the negative prices, we see that last week crude touched 1986 and 1998 lows (two dotted horizontal lines) and closed the week in strong fashion and this week it is trying to confirm that bounce by extending further above. Will be important to see if it can close inside $20-$30 area where it tried to consolidate before the historic crash... thetradinganalyst.com/
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$CL_F has been consolidating last three days exactly where it should, under $28.33 resistance, March through early April consolidation resistance. If it stays tight like the last three days, it may offer a long setup. There are probably many stop loss and trailing stop orders (of those who shorted) above 28.33 and especially $30. So, the move above could trigger short squeeze and serve as the fuel for up move. Real time alerts at thetradinganalyst.com/ $USO $DBO $XLE
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$CL_F bounce still has room to run higher... Bulls came in today and bought the pull back. $35 area might pose some resistance. However, the real target of this bounce is the gap fill and the area above $41. Hope the original post from May 8 πŸ‘‡ helped. Real time alerts at thetradinganalyst.com/ $USO $DBO $XLE
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