david.cummins.581
Long

Long term veiw on oil

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
51 0 2
The last few sessions and even the last week has seen oil             slow down from its rally it's had after bouncing off resistance at it's bottom. I posted an idea a few days ago about a short term bearish view on oil             , i still think thats valid but my long term view is that of a bullish one. Its easy to see the bounce off of the long term trend line and quickly rally back up. It looks to me as if we are trading in a box range which is really good for gaining price targets and stop losses. According to our ADX it also would appear that the old trend has slowed a little and would expect it to decrease. Further more we have a small hammer followed by a large bullish engulfing pattern monstering the previous 3 months. So i would put my price target at a little over $100 and my stop around the $40 area. Let me know what you think.
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