On Friday I mentioned I would have an eye out for a potential shakeout after CLQ5 breached below 51 and right now a shake scenario is not looking so good to get and hold back above 51s.
First support today for CLQ5
is at 50.30 and if breached odds
will favor more downside within the current downtrend channel, but if 50.30 holds the bulls will then need to
first get above 51.20 then above 51.65-52.05 zone in order to negate
lower to 48.50 then 47.40.
Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC
Hamzei Analytics, LLC