Showing posts with label ONG. Show all posts
Showing posts with label ONG. Show all posts

Saturday, August 18, 2012

ONG: Crude Oil Weekly Technical Outlook for Saturday August 18th

It's Saturday and as always we like to check in with the great staff at Oil N'Gold to get their call on where crude oil is headed.....

Crude oil's rally continued last week and reached as high as 96.28 so far. Further rally is expected to continue to 61.8% retracement of 110.55 to 77.28 at 97.84. Though, note that rise from 77.28 could be the fourth leg inside the triangle pattern from 114.83. Hence, we'll be cautious on topping between 100 and 110. On the downside, below 92.68 minor support is needed to indicate short term topping. Otherwise, we'll stay bullish even in case of retreat.

In the bigger picture, price actions from 114.83 are viewed either a three wave consolidation pattern that's completed at 77.28, or a five wave triangle pattern that's still unfolding. In case, break of 110.55 resistance will strongly suggest that whole rebound from 33.29 has resumed for above 114.83. While another fall could be seen before an eventual upside breakout, downside should be contained above 77.28 support.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.


Sunday, August 5, 2012

ONG: Crude Oil Weekly Technical Outlook For Sunday August 5th

We like to drop in on the staff at Oil N'Gold to see where they think crude oil is headed. And they are looking neutral at this point.....

Crude oil rebounded strongly late last week but upside is still limited below 92.94 short term top. Initial bias remains neutral and more consolidation cannot be ruled out. But after all, even in case of another decline, near term outlook remains bullish as long as 83.65 support holds. As noted before, decline from 110.55 should have finished at 77.28 already. Current rebound from there should extend and break of 92.94 will target 61.8% retracement at 97.84 and above.

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In the bigger picture, price actions from 114.84 are viewed as a three wave consolidation pattern with fall from 110.55 as the third leg. Such decline could have finished earlier than we expected at 77.28. Sustained trading above 90 psychological level will bring stronger rally towards 114.83 resistance level. And break there will resumption whole up trend from 33.2. On the downside, another fall cannot be ruled out yet. But even in that case, strong support should be seen below 74.95 and above 61.8% retracement of 33.20 to 114.83 at 64.38 and bring another medium term rise.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Saturday, June 23, 2012

ONG: Crude Oil Weekly Technical Outlook Saturday June 23rd

Gold and Silver on the Verge of Something Spectacular

From the staff at ONG......

Crude oil's decline resumed last week and dropped to as low as 77.56 before recovering mildly. As long as 84.34 resistance holds, deeper fall is still expected for 74.95 key support next. Though, we'd start to look for reversal signal below there. Meanwhile, break of 84.34 will argue that a short term bottom is at least formed, with bullish convergence condition in 4 hours MACD. In such case, stronger rebound should be seen back to 90 psychological level.

In the bigger picture, price actions from 114.84 are developing into a three wave consolidation pattern with fall from 110.55 as the third leg. Deeper fall should eventually be seen to 74.95 low and possibly below. Though, we'd likely see strong support from 64.23 cluster level, 61.8% retracement of 33.20 to 114.83 at 64.38 and bring another medium term rise. Hence we'll look for reversal signal below 74.95.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Gold Still at Risk of a Large Downward Move Before the Rally

Wednesday, May 30, 2012

Let's Compare Notes....ONG Crude Oil Daily Technical Outlook

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If you are a regular reader here you know we like to include trade ideas and opinions from many different sources. Here's is the "Crude Oil Daily Technical Outlook" from the staff at ONG. They really take the emotion out of trading and stick to the facts. And the fact is, the bulls are in trouble here.

Crude oil's decline resumed by taking out 89.28 temporary low and reaches as low as 87.75 so far. 61.8% retracement of 74.95 to 100.55 at 88.55 is broken firmly, suggesting downside momentum is building up again. Deeper decline should be seen to 80 psychological level and then 74.95 support. On the upside, break of 92.21 resistance is needed to signal short term bottoming. Otherwise, near term outlook will remain bearish even in case of recovery.

In the bigger picture, price actions from 114.84 are developing into a three wave consolidation pattern. And, the third leg should have already started at 110.55. Deeper fall should eventually be seen to 74.95 low and possibly below. Though, we'd likely see strong support from 64.23 cluster level, 61.8% retracement of 33.20 to 114.83 at 64.38 and bring another medium term rise. Hence we'll look for reversal signal below 74.95.

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Saturday, May 19, 2012

ONG: Crude Oil Weekly Technical Outlook

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Crude oil dropped further to as low as 90.93 last week and broke mentioned 92.52 support. Initial bias remains on the downside this week and further fall should be seen to 61.8% retracement of 74.95 to 100.55 at 88.55. Strong support is anticipated at this 88.55 fibonacci level to bring rebound. On the upside, above 94.16 minor resistance will turn bias neutral and bring recovery. But upside should be limited by 100.68 support turned resistance and bring another fall.

In the bigger picture, price actions from 114.84 are developing into a three wave consolidation pattern. And, the third leg should have already started at 110.55. Deeper fall should eventually be seen to 74.95 low and possibly below. Though, we'd likely see strong support from 64.23 cluster level, 61.8% retracement of 33.20 to 114.83 at 64.38 and bring another medium term rise. Hence we'll look for reversal signal below 74.95.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Sunday, April 15, 2012

ONG: Gold Weekly Technical Outlook For Sunday April 15th

Gold's rebound last week was limited at 1681.3 and retreated. With 4 hours MACD crossed below signa line, initial bias is mildly on the downside this week. Also, note that with 1696.9 resistance intact, near term outlook remains bearish and fall from 1792.7 is expected to resume sooner or later. Break of 1613 will target 1523.9 and possibly below.

In the bigger picture, price actions form 1923.7 high are viewed as a medium term consolidation pattern. Fall from 1792.7 is viewed as one of the falling leg inside the pattern and should head back to 1478.3/1577.4 support zone. Nonetheless, we'd still expect strong support from 1478.3/1577.4 support zone to contain downside to finish the consolidation and bring up trend resumption to another high above 1923.7 eventually. On the upside, break of 1696.9 resistance will now argue that fall from 1792.7 is finished and turn focus back to this resistance instead.

In the long term picture, with 1478.3 support intact, there is no change in the long term bullish outlook in gold. While some more medium term consolidation cannot be ruled out, we'd anticipate an eventual break of 2000 psychological level in the long run

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Sunday, April 1, 2012

ONG: Crude Oil Weekly Technical Outlook For Sunday April 1st

Crude oil dropped to as low as 102.13 last week as correction from 110.55 extended. Deeper fall could be seen initially this week but downside is expected to be contained by 61.8% retracement of 95.44 to 110.55 at 101.21 and bring rebound. Above 108.25 will indicate that such correction is finished and rally from 74.95 should then be resuming for 114.83 key resistance. However, sustained break of 101.21 fibo level will dampen this bullish view and turn focus back to 95.44 support.

In the bigger picture, the medium term up trend from 33.2 shouldn't be completed yet. Rise from 74.95 is indeed tentatively treated as resumption of such rally. Sustained break of 114.83 will target 61.8% projection of 33.2 to 114.83 from 74.95 at 125.40. On the downside, though, break of 95.44 support will indicate that correction pattern from 114.83 is going to extend further with another falling leg to 74.95 and below before completion.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Sunday, February 12, 2012

Crude Oil Weekly Technical Outlook For Sunday Feb. 12th

Here is this weeks call on crude oil from the great staff over at ONG........

Crude oil's recovery from 95.44 failed to take out 101.29 and weakened sharply towards the end of the week. Crude oil is staying inside the near term falling channel from 103.74. Thus, choppy fall from there might extend below 95.44. Nonetheless, we'd expect strong support from 92.52 cluster support (38.2% retracement of 74.95 to 103.74 at 92.74). to contain downside and bring rebound. On the upside, break of 101.29 will be the first signal that recent consolidative trading has finished and flip bias back to the upside for a test on 103.74 resistance.

In the bigger picture, the medium term up trend from 33.2 shouldn't be completed yet. Rise from 74.95 is indeed tentatively treated as resumption of such rally. Sustained break of 114.83 will target 61.8% projection of 33.2 to 114.83 from 74.95 at 125.40. On the downside, though, break of 92.52 support will indicate that correction pattern from 114.83 is going to extend further with another falling leg to 74.95 and below before completion.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Saturday, February 4, 2012

ONG: Crude Oil Weekly Technical Outlook For Saturday February 4th

Here is the weekly call from the great staff at Oil N Gold.......

Crude oil dipped to as low as 95.44 last week but formed a temporary there and recovered. Initial bias is neutral this week first. On the downside, below 95.44 will bring another decline but after all, we'd we'd expect strong support from 92.52 cluster support (38.2% retracement of 74.95 to 103.74 at 92.74). to contain downside and bring rebound. Meanwhile above 101.29 will be the first signal that recent consolidative trading has finished and flip bias back to the upside for a test on 103.74 resistance.

In the bigger picture, pull back from 114.83 was completed at 74.95 already and medium term rally from 33.2 is not finished yet. We'd tentatively treat rise from 74.95 as resumption of such rally. Sustained break of 114.83 will target 61.8% projection of 33.2 to 114.83 from 74.95 at 125.40. On the downside, though, break of 92.52 support will indicate that correction pattern from 114.83 is going to extend further with another falling leg to 74.95 and below before completion.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Saturday, January 14, 2012

ONG: Weekly Fundamentals..... Geopolitical Tensions Drive Crude Oil Volatility

Geopolitical tensions have been directing the movement of oil prices since the start of the year. Sanctions against Iran in condemnation of its nuclear developments had sent oil prices higher. The US has imposed sanctions against Iran's central bank and it's highly likely that Japan and South Korea will reduce their imports of Iranian oil. The EU has in principle agreed ton an embargo on oil imports. 
However, an EU embargo on Iranian oil imports will likely be delayed for 6 months so that countries including Greece, Italy and Spain can find alternative supplies. Data from the European Commission indicated that these three countries accounted for 68.5% of EU imports from Iran in 2010. The news triggered a sharp selloff in oil prices on Thursday and Friday. In Nigeria, President Goodluck Jonathan will meet protesters in an attempt to end the 4 day strike which will affect the oil industry. Oil prices should continue to move with great volatility in coming months as long as geopolitical tensions remain uncertain.
The DOE/EIA released its monthly short-term energy report last week, suggesting the price of WTI crude oil would average about 100/bbl in 2012, up +5/bbl from the average price last year. For 2013, the agency expects WTI prices to 'continue to rise, reaching 106/bbl per barrel in the fourth quarter of next year". Concerning global oil demand/supply, the DOE/EIA expects the tightening of world oil markets would 'moderate in 2012 and resume in 2013'.
Oil demand will probably increase +1.27 mmb, or +1.44% y/y, to 89.38 mmb in 2012. This, however, represents a -0.14 mmb drop from the projection made in December. The DOE/EIA also introduced the demand forecast for 2013. During the year, consumption will climb +1.47 mmb, or +1.44% y/y, to 90.85 mmb. On the supply side, non-OPEC supply is expected to rise +0.91 mmb, or +1.76%, y/y to 52.76 mmb in 2012, followed by a +0.76 mmb, or +1.44%, increase to 53.52 mmb in 2013. The need for oil supply from the OPEC will be 30.30 mmb and 30.76 mmb in 2012 and 2013 respectively.

Friday, January 13, 2012

ONG: Sharp Move Dominates Oil Market, Bears Take the Momentum

Sharp moves dominated yesterday's session, where oil rallied to acquire our targeted area near 103.00 before reversing sharply again to breach the bearish technical pattern shown on image in addition to 100.10 support. Currently, price is testing the breached level again which turns into resistance after testing the main pivotal support at 98.50, but in general, trading remain within the same ranging stance. Today we may see another downside attempt as important technical levels were breached yesterday.
The trading range for the day is expected among the major support at 96.00 and the major resistance at 102.00.
The short term trend is to the downside with steady daily closing below 105.00, targeting 65.00.

Daily Pivot Points  Normal Range  Last Bar
CommodityChartS3S2S1PPR1R2R3HLC
Crude OilChart92.9395.7197.41100.19101.89104.67106.37102.9898.5099.10
Natural GasChart2.5402.6022.6492.7112.7582.8202.8672.7722.6632.697
Heating OilChart2.92002.97983.01693.07673.11383.17363.21073.13643.03953.0541
Gasoline RBOBChart2.58452.65122.69122.75792.79792.86462.90462.82452.71782.7313
GoldChart1616.11628.51638.11650.51660.11672.51682.11662.91640.91647.7
SilverChart28.96629.41829.77130.22330.57631.02831.38130.67529.87030.124
CopperChart3.40803.46503.55703.61403.70603.76303.85503.67103.52203.6490
PlatinumChart1468.71480.01490.01501.31511.31522.61532.61512.51491.21500.1
   Extreme Range    
Posted courtesy of Oil N' Gold

Could Crude Oil Prices Intensify a Pending SP 500 Sell Off?

Tuesday, January 10, 2012

ONG: Crude Oil Prices Lifted by Iranian Tensions Again

Oil prices soared in European session amid news the US is prepared to force to stop Iran's nuclear development. Concerns over oil supply were exacerbated as Venezuela indicated that the OPEC should do nothing to offset the loss, if any, of oil output from the cartel member. China released its preliminary trade data for December. On the whole, import growth missed expectations as driven by earlier Chinese New year, slowdown in external demand which affected processing import growth and the sharp decline in commodity prices.
Tensions over Iran escalated as a former advisor of Obama's National Security Council Dennis Ross said that the US President would not reluctant to use force to stop the nuclear-armed Iran from continuing development nuclear weapons. The comments followed US Defense Secretary Leon Panetta's warning that the US 'will not tolerate the blocking of the Straits of Hormuz...That's another red line for us and that we will respond to them'. 
As we mentioned in previous articles, suspension of Iranian output or the block of the Strait of Hormuz would result in oil supply shortage in the near- to medium-term. While it's expected that Saudi Arabia would increase production to replace any loss of Iranian oil, Venezuela does not seem to agree with that with oil minister Rafael Ramirez stating that 'any Iranian action in defense of their sovereignty is Iran's issue' and 'OPEC can't get involved in this issue'.
China's trade surplus widened to US$ 16.5B in December from US$ 14.5B a month ago. Exports grew +13.4% y/y, easing modestly from +13.8% in the prior month. Import growth fell to +11.8% in December from +22.1% in November. It also missed consensus of +18.0%. For 2011 as a whole, exports and imports expanded +20.3% and +24.9% respectively, down from +31.3% and +38.9% in 2010. Trade surplus narrowed to US$ 155.1B from US$ 184.5B in 2010.
As the second largest oil consumer, China's net imports of crude oil fell to 5.1M bpd in December, down slightly from 5.51M bpd in November. From a year ago, net imports climbed +4.70%, easing greatly from 11.0% and +28.3% in November and October respectively. Net imports of oil products, including gasoline and diesel, soared to the highest level in 2011, however. Although investors may trade the weaker-than-expected import growth number as a negative sign of China's economic growth, it may be driven by seasonal factor (Chinese New Year). Robust export growth should indicate to investors that demands from countries such as the Eurozone, the US and Japan were not as dismal as anticipated.

Posted courtesy of Oil N' Gold.Com

Sunday, January 8, 2012

ONG: Crude Oil Weekly Technical Outlook For Sunday Jan. 8th

Crude oil rose further to as high as 103.74 last week but failed to sustain above 103.37 resistance and retreated. Initial bias remains neutral this week for some consolidations first. Nonetheless, near term outlook will remain bullish as long as 98.30 minor support holds. We'd expect rise form 74.95 to resume sooner or later. Above 103.74 will target 114.83 key resistance next. Though, break of 98.30 will dampen this bullish view and turn bias back to the downside for 92.52 support instead.

In the bigger picture, recent development indicates that pull back from 114.83 was completed at 74.95 already and medium term rally from 33.2 is not finished yet. We'd tentatively treat rise from 74.95 as resuming of such rally. Sustained break of 114.83 will target 61.8% projection of 33.2 to 114.83 from 74.95 at 125.40. On the downside, though, break of 92.52 support will indicate that correction pattern from 114.83 is going to extend further with another falling leg to 74.95 and below before completion.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Thursday, January 5, 2012

ONG: Crude Oil Daily Technical Outlook For Thursday Jan. 5th

Crude oil lost some upside momentum after breaching 103.37 resistance but retreat is so far shallow. Intraday bias remains on the upside and sustained break of 103.37 will confirm resumption of whole rise from 75.94 and should target 114.83 key resistance next. Meanwhile, break of 98.30 support is needed to signal topping. Otherwise, we'll stay cautiously bullish in crude oil even in case of deeper retreat.

In the bigger picture, fall from 114.83 has finished at 74.95 already. The structure suggests it's merely a correction or part of a consolidation pattern. Hence, rise from 33.2 is not completed yet. As long as 89.16/17 support holds, we'd favor a break of 114.83 resistance to resume the rally from 33.2. However, break of 89.16/17 will indicate that rebound from 74.95 has completed and whole fall from 114.83 is possibly resuming for another low below 74.95.

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Wednesday, January 4, 2012

ONG: Crude Oil Daily Technical Outlook For Wednesday Jan. 4th

The retreat from 101.77 was relatively brief and crude oil got strong support from 4 hours 55 EMA. Subsequent rally sent crude oil back to 103.18 so far. Intraday bias is back on the upside for 103.37 resistance. Break there will confirm that rise from 74.95 has resumed and should target 114.83 resistance next. On the downside, below 98.30 minor support will dampen this immediate bullish view and flip bias back to the downside to extend the consolidation from 103.37 instead.

In the bigger picture, fall from 114.83 has finished at 74.95 already. The structure suggests it's merely a correction or part of a consolidation pattern. Hence, rise from 33.2 is not completed yet. As long as 89.16/17 support holds, we'd favor a break of 114.83 resistance to resume the rally from 33.2. However, break of 89.16/17 will indicate that rebound from 74.95 has completed and whole fall from 114.83 is possibly resuming for another low below 74.95.

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Wednesday, December 21, 2011

ONG: Crude Oil Daily Technical Outlook For Wednesday Dec. 21st

The strong rebound in crude oil and break of 95.99 minor resistance argues that the correction pattern from 103.37 might be completed with three waves down to 92.52 already. Intraday bias is back on the upside for 102.44/103.37 resistance zone first. Break will confirm resumption of the whole rise from 74.95 and should target a test on 114.83 key resistance. On the downside, though, below 92.52 will invalidate this bullish case and bring further pull back towards 89.16/7 support zone.

In the bigger picture, fall from 114.83 has finished at 74.95 already. The structure suggests it's merely a correction or part of a consolidation pattern. Hence, rise from 33.2 is not finished yet. As long as 89.16/17 support holds, we'd favor a break of 114.83 resistance to resume the rally from 33.2. However, break of 89.16/17 will indicate that rebound from 74.95 has completed and whole fall from 114.83 is possibly resuming for another low below 74.95.

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Sunday, December 18, 2011

ONG: Crude Oil Weekly Technical Outlook For Sunday Dec. 18th

Crude oil dropped to as low as 92.52 last week as correction from 103.37 resumed. Further decline is expected this week as long as 95.99 minor resistance holds. Current fall should extend to 138.2% projection of 103.37 to 94.99 from 102.44 at 90.86. On the upside, above 95.99 will indicate that a temporary low is at least formed and should flip bias back to the upside for rebound back to 100 psychological level and above.

In the bigger picture, fall from 114.83 has finished at 74.95 already. The structure suggests it's merely a correction or part of a consolidation pattern. Hence, rise from 33.2 is not finished yet. As long as 89.16/17 support holds, we'd favor a break of 114.83 resistance to resume the rally from 33.2. However, break of 89.16/17 will indicate that rebound from 74.95 has completed and whole fall from 114.83 is possibly resuming for another low below 74.95.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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Precious Metals, Equities and Crude Oil Long Term Outlook

Tuesday, December 13, 2011

ONG: Crude Oil Daily Technical Outlook For Tuesday Dec. 13th

Crude oil continues to stay in tight range above 97.36 temporary low and intraday bias remains neutral for the moment. As noted before, more consolidative trading would likely be seen below 103.37 high. Below 97.36 minor support will flip bias to the downside for 94.99 and possibly below. But in such case, downside is expected to be contained by 89.16/17 cluster support (50% retracement of 74.95 to 103.37) and bring rebound. On the upside, break of 103.37 will confirm resumption of recent rally and should target 114.83 resistance next.

In the bigger picture, fall from 114.83 has finished at 74.95 already. The structure suggests it's merely a correction or part of a consolidation pattern. Hence, rise from 33.2 is not finished yet. As long as 89.16/17 support holds, we'd favor a break of 114.83 resistance to resume the rally from 33.2. However, break of 89.16/17 will indicate that rebound from 74.95 has completed and whole fall from 114.83 is possibly resuming for another below 74.95.

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Gold’s 4th Wave Consolidation Nears Completion and Breakout

Saturday, December 10, 2011

ONG: Crude Oil Weekly Technical Outlook

Crude oil dipped to as low as 97.36 last week but recovered since then. Nonetheless, crude oil remains bounded in range of 94.99/103.37 and near term outlook remains neutral. More choppy sideway consolidation could still be seen. Below 97.36 minor support will flip bias to the downside for 94.99 and possibly below. But in such case, downside is expected to be contained by 89.16/17 cluster support (50% retracement of 74.95 to 103.37) and bring rebound. On the upside, break of 103.37 will confirm resumption of recent rally and should target 114.83 resistance next.

In the bigger picture, fall from 114.83 has finished at 74.95 already. The structure suggests it's merely a correction or part of a consolidation pattern. Hence, rise from 33.2 is not finished yet. As long as 89.16/17 support holds, we'd favor a break of 114.83 resistance to resume the rally from 33.2. However, break of 89.16/17 will indicate that rebound from 74.95 has completed and whole fall from 114.83 is possibly resuming for another below 74.95.

In the long term picture, crude oil is in a long term consolidation pattern from 147.27, with first wave completed at 33.2. The corrective structure of the rise from 33.2 indicates that it's second wave of the consolidation pattern. While it could make another high above 114.83, we'd anticipate strong resistance ahead of 147.24 to bring reversal for the third leg of the consolidation pattern.

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