AndreasMunz

After reaching 50; sideways to lower. downside targets

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
After reaching 50, as expected some sideways action. sold the 52c around 1.05 around 2 weeks ago.

I am neutral, because this looks like a correction of the prevailing uptrend as indicated in the dark red trendchannel.

Downside support are the blue trend line at around 48.20 and the 20 day MA or middle BBand.

Further on the downside we are looking at the lower trend channel between 46 and 47

For now I am covering the 52 calls and wait to sell some put spreads or puts until we reach the lower trend channel
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