GMOTruths

CL1 - Going Lower, or Pressing Resistance?

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
65 0 1
I keep hearing that oil             will go lower, that it was just a bounce, however…

CL1 reached $54 and then shot down to $47
CL1 reached ~$53.7 and now has shot down to $50.

Is the bounce over, or is price pushing up against a supply level with lower lows?

I see Three White Soldiers and Cup and Handle , but most of all, I see a resistance level at $54. I'm sticking it out and watching it go through that level next week.

I am not buying crude, but playing on the energy sector with TSL             CSIQ             BBEP             GPRE             and SPWR             (which crosses over with housing).
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