Thanks for 100 Subs! CL At Range Low But Rejecting Bounce

Feb 4, 2020

The cl chart has not changed in a long time, the basic mode has been to orbit 56. The current linear regression mid is 56.32 so nothing has changed in many a moon.

Right now it's a bit lower than its expected support zone and it just printed a test and rejection wick of higher prices.

I do not plan on trading CL much until it makes up its mind to go higher, or it breaks significantly below the support region and then I will look for a support/resistance short.

But probably I do not see this as being a good intraday contract to trade for probably at least a week which will give it enough time to print at least one nice and clear outside bar which shows either the bulls or bears have routed the other.

A bullish signal back to 56 would be much more believable to me than a bearish one. I think CL has found stable value at 56 and it's going to continue to wash back and forth over it for a while.

TLDR; this is a no trade zone until a clear outside bar on the day chart shows up.

Feb 5, 2020

Note

Looking like potential outside day already although I would kind of see this as being a more convincing bottom after a double bottom of some kind to identify wave 2.