NYMEX:CL2!   LIGHT CRUDE OIL FUTURES (CONTINUOUS: NEXT CONTRACT IN FRONT)
Hello Supporters, Followers and General Interest Sideliners,
Ok my rectangle got hit and we are sitting on major support. Take Short profit now. This price action is now taking on a developing wedge appearance.
I believe price will wobble here for a few days then break to the up side.
Take a Long position if the Red indicator line gets above 40 then rolls over. Ideally wait for a second lower peak and then a move down for entry - similar to a divergence.
Also watch the MACD Histogram for higher trough bars. I will update with price targets over the week end.
I will also provide my view on possible down side breaks indicating $60 is the new target.
Thank you for support and interest in my views.
... just my 2c worth
No Worries! Keep up the regular charts.
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@TomUnderwood , thank you too! You have often supported my views.
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@VasilyPonomarev, Thank you Vasily. That was a nice call on S&P500 ("bearish bat and structure") too! Well done
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@stvnj , Thank you
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