CLK17 WTI Weekly Futures

Feb 13 19:30 AEDT
CL WTI May Weekly Update

Consolidation and Seller Absorption Bars!.
Buy Area -sub $54.20 down to $54.00
(I don't think it will make $53.50)
Good Support at $53.10/20 (buy a few wells at that price)
Struggling with the T-Line at the moment,
but the 55 SMA is sweeping up nicely for added future support.
Text book Dow with a break out; higher highs / higher lows
and it appears to be now re-testing the breakout.

Looking at the big picture this really look like a bull trap flag, but the arithmetic doesn't work,
so I am bullish until it breaks below $53 then it could free fall back to $46 coz there is nothing
to stop it, then break below and back to double bottom at $37.
But right now I am with the CoT and Long with a tgt expectation of those upper body gaps.
Remember you are Adults and this is only my opinion, not a guarantee
... and just my 2c worth