smitheric1970
Short

Oil: Taking it in the shorts!

NYMEX:CL1!   Light Crude Oil Futures
Those of us oil             bears that expected a quick reversal back down to the downside got clobbered last week. So, time to rehash important areas of resistance. See chart for setup.

Good trading all!
Comment: Target Reached!
Trade closed: target reached
any update boss?
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smitheric1970 PRO asadkhan2018
Lines still holding on this chart in my opinion: https://www.tradingview.com/chart/CL1%2521/mYCRJLQG-Oil-Retest-of-49-before-further-lows/
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smitheric1970 PRO asadkhan2018
I went short at 48. I believe we either see a high today and then continue falling, or, tomorrows EIA report gives prices a little pop up and then a decline starts. Regardless, I believe the 49.3 high will hold.
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I believe the current distribution range is completing now that the highs have been retested. I anticipate we will retest the 8/24 lows over the next couple of months.
snapshot
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smitheric1970 PRO smitheric1970
snapshot
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