NYMEX:CL1!   Light Crude Oil Futures
971 7 40
Trying to catch the Break of the dominant shortterm downtrend :-) RSI signs a tiny longsignal.

How do you trade it?
Comment:
Comment: Retest of the downtrendline = next action point -a desicion has to be made at that level
Comment: Always have a look at the higher TF https://www.tradingview.com/chart/CL1%21/684zvCkk-Update-Main-View/
Comment: https://www.tradingview.com/chart/CL1%21/684zvCkk-Update-Main-View/
Comment:
Comment: Yihaaaaaaaaaaa
Comment:
Comment: Triangle? Flag?
Comment: Oil completely retraced down to the max Level
Comment: seems bullish, when oil is trading above 47.4..below 47.26 oil is bearish shortterm
Comment: No upmomentum at present..thats ugly..at the moment oil is going through the pivot supportlevel - further downwave should be exspected - could aiming 45,75
Comment: The risk for a further downwave increases - Traing below 46,5 is fatal in this TF
Comment:
maybe retracement around 45
Reply
Great analysis. I tried via a different technique and got your conclusion. I would trade to about $48.14, a .618 Fibonacci retracement of the August 21 pivot.
Your charting is excellent. Don.
Reply
Wow you nailed it :) was that big candle a news??
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Hey! Could be... but buying so high up could bring some trouble in short term :-) I would probably go with path of least resistance... but it's only an opinion and have no positions in this instrument. Have a good one ;-)

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Nice work MJ!
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S&P seems to try to break resistance. I'm long oil stocks & ERX. I can wait if it falls as the valuation in last dip was quite ok.
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yes
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