Crude Oil Double Bottom

I noticed CL doing the funky chicken on ranges these past two days. It is getting to be like GC, but with a benefactor that is OPEC. Those guys are feeling the opium they be smoking. So it was "Oh, we're gonna' reduce output." ZING on CL. A week later then, oh, we're slashing output. Zag the other way.

Welcome to the machine?

 

I saw that same thing from an important level but I wouldn’t play the long side just yet. A lot has to be proven.

 

Ouch. I luckily didn't touch it. Was waiting for a weekly close over 80.

 

Aww c'mon Dest, you KNOW you wanna' touch it. Jim's latest off-the-chart with that Carley Garner ho might give a good range to aim at, now that we are back to 77ish on Jan contract...

 

crude oil getting cheaper and cheaper.

Biden should be very happy.

 

now crude oil is getting more and more expensive.

It gapped up from 75.7 to 80, ie 5% increase

such a wide gap is rather rare.
OPEC+ decided to cut output.

 

crude oil getting cheaper and cheaper.
Now it is at 69.

Will it reach 65?

 

It went to 63.6 (below 65).

It seems like 65 is quite well supported.

something very major must have been happening.