In the past few sessions, we've seen oil find support towards the bottom of its $54-51 range and it has set a picture-perfect downtrend for itself along the way. The trouble with being on oil here is that the fundamental tailwinds that I have described in my earlier referenced posts are still in play. OPEC cuts, Venezuela sanctions, lower US production at this price level and easy money from every around the world (adding to ) make oil a screaming buy at this price level in my opinion.
Paired with a decent chart setup, I think we can make a strong long play in oil when it breaks the hourly shown in the chart.
Buy oil through CL or in the "buy zone" on the chart (in the $52.90 area right now).
Target 1: $54
Target 2: 55.60
Target 3: $59