TradingTechs
Short

Double top and Trendline break

NYMEX:CL1!   Light Crude Oil Futures
128 0 5
Clear double top in CL             . Together with the daily trendline break , outlook is bearish in the medium term. Fundamentals are helping drive this move down, however that may change at any given moment. First support is around 42 (1st Fib) and then from 40-39 VVAL and 50% Fib. Vigilance is needed at these levels since around 45 is the VPOC which may act as a magnet
Comment: CL1! broke yesterdays low, still bearish
Comment: CL1! coming into first support
Comment: OPEC Saudi comment drives prices up
Comment: Swing failure into first support. Could see some consolidation around 45 (VPOC) as discussed
Comment: Consolidation around 45. Should see accumulation (sideways action) around these levels before another move
Comment: Shorts need to be vigilant as USOIL PA is looking like a bull flag
Comment: Novak comments on possible oil output freeze. Fundamentals take the lead
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