I do not see bounce of weekly A down. I think weekly level you posted was 97.73. Unless I noted it down wrong, I will not call bounce almost to the tick (lol) . That's 20 ticks difference. However, still lot of VALUE in weekly levels. I just do not know how to trade in front of oil report. I had 2 levels 97.76 and 97.40 as support but i still missed it. Maybe , once a level was defended, i should have gone long at 97.90 ( when it pulled back) with stop loss at 97.39 and it was too much of a wide stop while CL was reacting to news.
Joe has been talking about EMC for 6 months. Looks like EMC earnings were very good couple of days ago. I am just amazed how ES has traded 3 points above or below OR for 25 days now. Thanks for telling us that ES offers the most failed A down/ A ups then any other instrument.
Cover 98.64. 98.50 breaks, 98 area becomes next target and so on. Or CL may just trade within a BOX- till THIRD FORCE shows up. BIG BEN may turn out to be the THIRD FORCE today. Contrary to common misconception, trading CL requires lot of PATIENCE.