NYMEX:CL1! continues to look bullish today.
There might be a small pull back before the price resumes it journey towards 80. The plan is to wait for price action to confirm the direction clearly and look for buying opportunities around 78.70 area. Alternatively if there is no pullback in the morning session, wait for the price to break R1 or the 200 MA before...
The bearish trend is still dominant and we have had a clear downward trend. There has been some consolidation since last Friday and a bounce may be due soon.
Entry Point: Wait for the price to break above the downward trendline conclusively during today's morning EUR session.
Considering $79.50 as the profit target, with a stop-loss at $77.50.
NYMEX:CL1!
