CL – support & resistance [feb23]


Back in early December, the upper bound was set at $80 per barrel of black gold. Oil traders have repeatedly attacked the level, but until now they have failed to extend the range higher.

On the slide above:
CL [Feb 23].
Tf: Day.
Chart: Double Cluster [volume/delta].
Total Hist.: Delta.

Note the repeat of the 7 day uptrend and the return to the same prices in 2022. Such repetitions in the stock market are no coincidence. And there are plenty of companies interested in a price hike by the states that produce and sell oil.

Today is the 7th day of an uptrend and this will affect buyer confidence and activity. It is unlikely that they will dare to break the price of $80 on Friday 13th.
Especially today on the US exchanges the focus will be on quarterly reports from banks and insurers.

On the slide below is a heat map of the Global stock market for the week. Such idyll on a planetary scale is not often seen, and for the month the picture is almost in the same green tones.

Consequently, we should not expect the big US banks to have done poorly before Christmas. Considering that from Tokyo to New York most companies have good returns.

The support and resistance levels are shown on the slide above.
The range at 79 is very tightly traded by buyers.

Author / trader Mikhail Lemach
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