The old saying “the bigger they are, the harder they fall” is often true in charting. CL, which has been on a non-stop tear since Feb 11, is finally showing a little weakness these past few days.
Earlier this morning, it finally closed the gap at 38.63. It was a day later than expected, and has broken a few trend lines and channel bottoms in so doing. It’s a significant drop, as it definitely puts a dent in the trend.
But, it’s more significant for what it portends for stocks.
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