7pasos

Posible short in Oil

Short
NYMEX:CL1!   Light Crude Oil Futures
0
As you can see the price fails (as far as now) to touch the 100 level, and in the most recent part shows a momentum failure (watch the difference between the max in momentum vs the difference (almost not existent in the price). There for if the 94.90 support is broken and we can see an acceleration for the elliott downward base channel (thats why we will wait a close 1% below the support zone ), I expect the down pressure gets much stronger, that's why I think make a short could work.
The first target will be at the phantom support at 90.30 where we should be with the sl at break even when this point be reached. Perhaps take half of the profits could be wise too.
The second target is the 84.12 support.

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