JohnConaway
Long

Oil drilling into a channel

NYMEX:CL1!   Light Crude Oil Futures
So far rejected by the channel (I'm calling it a contraction channel). If we can't break into it & hold, we probably retest the lows & probably a bit lower. If we break up into it, I'll be watching for the scenarios in blue & pink (adjusting based on progress). It still shows as being bought though so my bias remains bullish (short term) unless the apex of the flag type pattern (~$44.9) is broken to the downside. If broken then I'd look for a lower low (watching listed fibs for balancing) then a move back up (probably to test the gap & closest LVN) using the trendline as a guide as it would resemble the move from the first part of the year.

IF, some way, the bottom trendline is broken <$37 then we could be searching for a round number like $35 or $30. Good Luck & stay nimble!
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