Hey, Crude Oil Bear Run May Not Over Yet...

NYMEX:CL1!   Light Crude Oil Futures
668 4 3
Crude oil             may currently facing resistance level around 35.50 ( 0.382 retracement level & 1.0 extension level) while MACD showed negative sign as the signal line move below the zero line.

Suggested Trading Strategy:

Conservative : Short at 35.50 with tp at 25.50 and cut loss at 38.50

Aggressive : Short at 31.00 with tp 25.50 and cut loss 33.50

I would appreciate it if you give me some feedback on this technical view. Happy Trading :)
Hi I don't know if crude will hit the 35 area (for a while at least) as the sell off today has dampened that somewhat. And the idea that we are seeing oil being in high demand (or perceived to be in high demand) is debatable from the Friday rally. My weekly chart shows a H&S with a projected target. But what I have done is instead of projecting down the target in points (which would have meant a target area of 13) I have projected the target down in % which seems more logical as low prices in any stock commodity would be somewhat distorted by a points target projection. Therefore the target for my weekly H&S projection is a round about 23. If I was short as of today I would place a target of 25-26 and be happy with that. I am NOT looking to go long the oil over supply problem is here to stay for some time.
glennjoy1 PRO glennjoy1
Also my trading system on the 4hour chart is giving me a target of approx 24-25 if I get a short signal from it today which looks likely.
YM.Chong glennjoy1
HI glennjoy1, thank you for sharing your technical analysis on crude oil price. So, we have a same projection around 24-25 :)
Wow, Good call~ Crude Oil price almost drop to your TP point. Awesome!
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