andberg
Long

RSI reversal on CL1! ?

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
35 0 0
From last low 42.03$ 2015-03-18 to last high 62.58$ 2015-05-06 , 49% gain. We also have a potential lost of 33% if we returning to that previous point.
The last major turning point was 2015-07-06, high was 56.79$ and low was 52.41$. That was the end of last trading range.
Since then CL1!             dropped to 45.09$ (2015-08-03) yesterday
Now looking at RSI . We are having a turning point with new high and low wich are higher than last ones, meaning we could also have a reversal on price too. If you think this senario is probable, we should go long with potentail gain of 20% with a target of 55$ wich could be reevaluate later.
Any comments are wolcome
Please trade carefully
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