Friday, February 15, 2008

CL Analysis for 02.15.2008


Monthly chart shows 5 waves up into current high made in January 2008.

Weekly chart shows consolidation and trading range the last 4 weeks.

Daily chart better shows the consolidation/trading range. Bulls were unable to take the stock price higher in the last 4 weeks. Friday's price action saw increased selling momentum, as the bears gapped down the price at the open, and took the price lower into the close. Look for test of the current low at the $72.00 level. Look to the 200sma as first level of potential support should the $72 not hold as support. No buy signal/pattern on this timeframe.

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