BCOMNG is the index Boil and Kold track. Bloomberg's charts leave a bit to be desired, but the best out there. I had to take a ST special subscription to gain access for 3 months. Undecided if I will keep it up.
I have found it helpful.
BCOMNG is a futures based index that rolls, i.e. a rolling index.
What I don't know is if this index just meanders all over the place or retraces to OH or just what. Cuz I don't have anything longer than this.
It would seem it would retrace towards previous OH. That big shelf above where it is at, is about 2X above present value. Ref the 5 yr chart. We C.
In looking at Kold, looks like it could dump to the 22 level on this run before making a significant rebound. Jmo.
There is some correlation between these two viewpoints.
I bot pretty heavily in the low 8's. Would not mind a bit more. Just about pulled the trigger yesterday on another dollup, but thot I would have a chance this morning. Boom ... not much of a chance. BCOMNG starts each day at 10 pm the evening before. It ends at 2:30 pm the next day. So by the time the market opens for Boil, it is quite a ways along on its daily run. I did not take this into consideration yesterday when I did not pull the trigger and should have, I could see it likely a little correction was ending. Always gotta stay on the toes.
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In edit from your post. my initial target on boil is 17.5 ... if things line up ... double that at least We're on the same page, I am thinking 30 plus for Boil.
I've shown this chart before. On a log scale at a crucial juncture here on the weeklies. If this TL goes, so goes Kold into the abyss. Lot of support there around 22, Kold seems to follow areas of support and resistance better than Boil, or maybe I am just thinking it does.
In the bigger picture sure looks like a LT top was made.
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