Crude Oil signals Inflation, not Demand
Previously warned, there was a blow off top in Crude, and a retracement was expected. It arrived, albeit shallow. And the weekly CL1! chart shows a likely bearish scenario, I think the subtle little weekly tails tell an underlying bull story. Not that it is rubbish, but it is like a crouching bull there despite the bearish leaning technical indicators below. But what we can see is that there is a building up of Non-commercial interest and a stabilization of the Top 8 Traders net short position.
The daily chart on the right gives us insightful details where a stack of candlestick sandwich suggest a strong move incoming, and technical indicators are turning bullish as the wide range post- shallow-retracement consolidation pans out.
Oddly enough, it kind of feels like a set up for a war or of smaller scale conflict may spark off Gold and Crude Oil rally with S&P500 retracement... this is a long shot, but a nagging intuitive feel is there to connect the charts. Just thinking out loudly for you to read. :)
The daily chart on the right gives us insightful details where a stack of candlestick sandwich suggest a strong move incoming, and technical indicators are turning bullish as the wide range post- shallow-retracement consolidation pans out.
Oddly enough, it kind of feels like a set up for a war or of smaller scale conflict may spark off Gold and Crude Oil rally with S&P500 retracement... this is a long shot, but a nagging intuitive feel is there to connect the charts. Just thinking out loudly for you to read. :)
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