Just sharing some thoughts in chart form.CL been climbing...

Just sharing some thoughts in chart form.
CL been climbing steadily with Strength in background (Bullish), lately showing reducing volatility, seen here in actual daily spread (ATR1) whilst holding the top of the thinner blue range that has rejected moves above it in the past (overbought), however a situation is arising where price is holding the bottom of a steeper more volatile channel, a distinct move over the next week should clarify one way or the other,
high volatility follows low volatility, there is potential for a sharp move higher, alternatively a continued less volatile move could see price maintain this level for several weeks before a further move into the $60 area.


In the weekly price has moved with Strength well above the midline following a beautiful Spring, a bullish move from here would be to remain above the midline and clear back above the green Trading Range, this would give me further confidence that we are seeing Mark Up.

SEA responded poorly to the sudden Mark Down in POO, and price reduced substantially before buyers saw enough value to offset their risk of buying back in. The rise into the high 40s saw some Supply come in and last week I believe we saw a test of Demand in response and buyers stepped up before the previous low could be reached, a positive. The first important break since was yesterday clearing and closing high above that gap down bar, today looks to have tested that move with below average volume, for now I’d be happy to remain above .36 but looking forward to price reentering the Green Trading Range with a show of Strength at .415 and a further move breaking most recent high at .48 and back into greater TR at .560.

A clearer view of bottoms of Weekly Trading Ranges at .415 and .560, you can see the surge in volume at the recent low without the increase in spread to the downside, similar to the previous dip indicating Demand coming in, worst case a floor in price should be maintained here if POO maintains its current trajectory, best case is a show of Strength in response to Demand with a move higher.

Just my thoughts, happy to hold, I’d buy more but the trailers full, cheers HF