Hopefully @Jako8557 is currently tweaking all his charting software into the new platform at the moment, no small task I'm sure
My focus lately has been on Crude Oil, $CL, I've posted a couple of these recently but we've seen some interesting moves over the last few weeks so I've updated and posted a Monthly, Weekly and Daily, with the Daily and Weekly showing moves potentially into the Final Phase E, Markup Outside the Trading Range in their respective charts, and the Monthly looking for a Sign of Strength to cross above $80 into the Upper half of the Major Trading Range, this move on the Monthly should be completed with Strength, with an increase in Spread and Volume, otherwise it will be destined to fail as Supply enters at Resistance around midway or in line with Preliminary Supply, so the setting up of the Daily and Weekly here appears timely to support the move higher.
CL appears to have found Support at the top of the Trading Range on the Weekly and looks to be moving higher after a pullback from a Major Sign of Strength which held well above the Trading Range and showed no real signs of excess Supply awaiting above. This lack of overhead Supply gives some fresh confidence for another move higher after successfully testing the breakout with some Backing up Action, before moving into this next Phase of potential Mark up outside the Trading Range in Phase E.
The narrative has been for a release of around 1% of worldwide Supply onto the market to help ease prices which OPEC appears to have now agreed upon, giving the market some certainty, and instead of responding to the downside, as I'm sure most would have assumed, price has surged up over 3.5% already. I'm not usually one to focus on the narrative but I do like to ponder on what a few little heads, that would all benefit from an increase in oil prices, at a big table in Europe are discussing about how they can all continue to fleece the rest of the world while maintaining a relatively understandable public narrative about secure oil supplies and supporting growth in Global Industry at a relatively affordable cost, as I'm sure they don't need to be raking in more cash from their ever dwindling Supplies.
I could be completely wrong, but it looks primed to move higher from here.
(20min delay)
