glennjoy1

Crude still in down trend

Short
NYMEX:CL1!   Light Crude Oil Futures
Looking at this 4hr chart it is clear that bears are in control as there is nothing at all to indicate a change of trend. In fact it looks like crude could fall even further to the late 30's or early 40's looking at the Fibonacci channel 0(34.18). The reason I chose this channel as the first point of reference is that it signified the base line to which the market plummeted from in August 14. To get a long signal here we need the channel to form a bullish base. Maybe a reverse H&S could support this or a broad base of some description, but at the moment. enter long ye who are LONGing to be cannon fodder.