NYMEX:CL1!   Light Crude Oil Futures
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While we slowly work our way up to the bullish ab=cd price target (101.62) our latest BoT setup is long from 96.81 with stops now 'trailing' and look to be just below yesterday's lows of 99.40. A fail at that level would imply the 9ema is in trouble and best to just get out and enjoy the partial profits. Supporting the notion of a near term top, the Willy21 indicator is now back into 'stupid overbought' territory and the latest move higher was not confirmed by the modified MACD histogram momentum study. While cautious over the near term,, On Balance Volume appears to be forming a wide double bottom suggesting a trend may be developing. An OTE             long sweet spot tag (94.23) would be both my near term downside target and an ideal area to be hunting long setups off the lower time frame charts.
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