It looks like oil dips everytime we have an uptick.Maybe the hurricane season will keep it at these levels for a while but to me traders are not sure about the strenght in the markets.

I think there is more a chance that oil will further go down during next months because economic outlooks are not so bright.Latest numbers show a decrease in activity and that will not turn very quickly.

So if these outlooks remain the same the demand will slow down also for oil .

That's why traders are not willing to buy oil companies because they are not sure what future will bring.If they get a better picture for the outlook then we can see a rebound but so far almost all oil stocks remain in a tight range .Not much down pressure but also no upwards move.

So for CLL I think we will stay in the same narrow band for quite a while.It would be nice if we could get over 4.4 again then last downtrend is broken and we are back in the broader range to 5.25 then which looks better then latest downtrend to 3.5 after we hit 5.25.