yyunhong
Short

Oil Setup - Short term

NYMEX:CL1!   Light Crude Oil Futures
77 0 0
Previous setup on Oct             01 to long oil             between $46 - $46.50 did not go live as retracement was not seen.

WTI Crude has broken out from the green trendline and initial target from the failed descending triangle was almost met(day high at $51.94) on Oct             19.

Volume has been coming down for the past week thus not many buyers are chasing this up move.

A retracement to sub-50 to the orange trendline is possible.

stoploss above $52

risk/reward ratio is 3:1
Trade active: Went short on Oct 19 after EIA report
Comment: Took some profits off the table at closing when WTI was trading near the higher blue trendline
Trade closed: target reached: Orange trendline hit yesterday
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