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Anybody else find it interesting that prompt CL has dropped about $1.50 in the last 4 sessions, but the front spread has actually widened a 16c?
Bad Math Should be...
Anybody else find it interesting that prompt CL has dropped about $2.50 (9354 to 9101) in the last 4 sessions, but the front spread has actually widened a 21c (92 to 113)?
I see the action today in crude as one big nasty stop hunt. I am even more confident in the market state being the beginning of a new bull phase than I was on those initial tags of 90.00
Again we have the highs up at 94.80 to get to, and if can break those we're looking at 98.50 area, and then the long term wedge highs are currently (dropping) at 102.40
Could be wrong of course, but just sharing my thoughts! I hear a lot about fundamentals that put bearish pressure on this market right now. I'll continue to just trade what I see.
I agree with you that we may have seen the ending of the down move. I use volume rather than fundamentalism, so seeing the very large daily volumes this week, I think we may be in for a good up move, as I think we had a Selling Climax today.