$CL1! Crude Oil - 2 Year Uptrend broken - EQ-EQ Short in play
After a massive selloff, breaking the 2016-2018 uptrend line, CL will likely find support at the bottom of this range, and the Yearly Pivot.
Its very unlikely we continue down from this current level - and a much higher % probability is that we get a DCB/Relief Rally
Bargain hunters will step in short term, short sellers will take profit, and we will see a push back up.
Weve got quite the ceiling overhead now, including:
Resistance, turned support - broken
Broken Downtrend Line
E.Q of the Yearly Range
After a quick visit to this area well get a strong rejection, and eventually break down out of this range.
Now the market tends to move symmetrically, and if we get rejected at our old ranges E.Q - break that range, and move down - i would expect to find support at the next E.Q to the downside.
Short $64
Target $45
Its very unlikely we continue down from this current level - and a much higher % probability is that we get a DCB/Relief Rally
Bargain hunters will step in short term, short sellers will take profit, and we will see a push back up.
Weve got quite the ceiling overhead now, including:
Resistance, turned support - broken
Broken Downtrend Line
E.Q of the Yearly Range
After a quick visit to this area well get a strong rejection, and eventually break down out of this range.
Now the market tends to move symmetrically, and if we get rejected at our old ranges E.Q - break that range, and move down - i would expect to find support at the next E.Q to the downside.
Short $64
Target $45