LeonardoD
Short

The light crude oil falling down, without breaks, to 37$

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
495 5 5
The price of the barrels is contained in a clear channel that seems unbreakable for the market. Since the trend is bearish this channel is been respected millimetrically. I can't see other signals that change this trend. Many indicators show us that the market is oversold but the prices continue to run to the bottom. A possible break point for this movement could be a target price more o less of 37$, the end of the this channel. The end of the future contract, in the 20 of August, seems not be a reversal point for this market given the strength of the downtrend.

If you think otherwise, please reply to this post.
ksingh15
a year ago
After checking the last candle on weekly chart, I think market is taking time to decide in which direction to go. I would suggest to wait here for the confirmation before going long or short
Reply
bracken
a year ago
The trend is your friend ....until it isn't.
Reply
bracken bracken
a year ago
When the futures are priced below spot it is called "backwardation". Otherwise it's called "in contango".
Backwardation is a rather common state just before the trend is about to change.
Why? You can read about it if you google "backwardation" and "in contango"
Reply
andberg PRO
a year ago
see my idea here
20150817 We may have a support on CL1!
Reply
Lanmar PRO
a year ago
Your target is on point. It hits all major levels going back into the 90's and 2008
Reply
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