smalltimetrader
Short

Breakout, retest and commencing lower V2

NYMEX:CL1!   Light Crude Oil Futures
177 2 7
updated version with a channel. Breakout under triple bottom support.. I think it will retest that line and commence lower to about the lower channel.
Comment: target reached
so down to 43 ?
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smalltimetrader erick2chill
Yes i think so, around 43. You can also use a fork instead of that channel, it would project the same target and when you scroll to the left you can see the support line. Maybe it goes even lower. But its pure technical, so "news" still can influence it. Renko, Heiken ahsi, Kagi charts are bearish on daily timeframe. Alot of indicators are pointing down also. And it looks like a textbook breakout tetest and continuation down pattern atm. GL if you are trading it.
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