CL1! has been trading in rising channel pattern. The prices have tested the lower band and moving northwards. The minor hurdle (black dashed line) at $46.50 if cleared by Bulls (on closing), we might head towards $54-58.
Greetings oil traders,
As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y)
Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y)
and the initial move (X) has been...