CL Week Review 01/06/25 - 01/10/25
Looks like my Directional Bias for CL was off. Instead of price coming lower to fill in the BISI and take the PDLs it rallied higher through the Volume Imbalance and raided all the BSL. Now that wick higher on Friday did not stop at a random spot. Look closely and you will notice its the Premium Daily 50% CE level of the wick and price reversed nicely off from there.
Now the question remains does price justify to continue higher and take the BSL at 78.46 or does price reverse from there and then target the SSL and the D BISI?
Currently its still looking Bullish since price closed above the Volume Imbalance and the PDH from Thu Oct 10 2024 at 76.24 but lets see how price opens on Sunday and we can definitely expect a volatile week since there is a good amount of economic news drivers.
Now the question remains does price justify to continue higher and take the BSL at 78.46 or does price reverse from there and then target the SSL and the D BISI?
Currently its still looking Bullish since price closed above the Volume Imbalance and the PDH from Thu Oct 10 2024 at 76.24 but lets see how price opens on Sunday and we can definitely expect a volatile week since there is a good amount of economic news drivers.
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