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Cl!

CL - Crude with three potential targetsThis is a wild ride, but we are not unhappy don't we ;-) The prior LT chart gave us a great indication about the fall. A closer looks reveal that the drop from above is the logical swing that markets do. Targets? Well, we have a couple of them as you see on the chart. See the circles? One at the A/R-Shift, and two other ones at the different centerlnes. First I even expect a pullback, since markets swing. The yellow, thin down sloping mini Forks centerline is key! If price jumps above it, we can expect a bigger pullback. If price just test/retest it, then another entry is praying to be taken. So, let's be patient, ride the grumpy bear and see if we can load up some. P!
NYMEX:CL1!Short
by Tr8dingN3rd
3
CL - Crude on a test/retest bevor the breakdown?Here we have it picture perfect! On the left side, you can see the big sine-wave-swing. These sine-wave swings often get broken fist, before a further movement in the original direction. And so it happened. Price was not able to move further north. Oil organisations did all to keep price up - even manipulating in the news... As I wrote in the previous post: The market makes the price, not a organisation and not even a talking head. We must understand that the value of everything is determined by the trust and distrust of us, the people, the consumer, the markets! In my last posts you could (and thanks to TradingView you still can) follow my analysis and see how it evolved. It's not about my analysis - it's about the framework I use to be able to make such projections and forecasts. Everyone can do this by learning it... Back to the chart: So, we broke the big white centerline. As the framework dictates, price comes back to where it broke out and test/retest the centerline again. If price fails to jump back above the centerline, then we have a very high chance to go down to the next line, the L-MLH. If you are interested in more information about the Fork Trading Framework and how to apply it to the markets, just drop me a private message. I keep you informed about my new course material, coaching and services. Peace!
NYMEX:CL1!Short
by Tr8dingN3rd
2
Crude Oil futures long setupA pretty interesting technical opportunity has unfolded on one of our favorite instruments: light sweet crude oil futures. From a fundamental point of view, after a historically tight range-bound market, price action broke down violently as US crude inventories surprise came in early march. Price continued to fall to $47.00 throughout March. In late march, the OPEC decided to extend oil output cut by 6 months, which launched US crude oil in a healthy, sustainable rally, regaining almost all of the losses that we've seen in early march. At the end of last week we've seen price action starting to consolidate and this monday, price action gave us confirmation that a retracement is indeed taking place. This brings with it numerous trading possibilities. The situation is calling for a trend continuation trading setup. We will be looking for a long around the 52.30 price area with a relatively tight stop and a reward of at least 65-70 ticks. There is always the possibility that we might get stopped out since the market always does what it wants to do. In this case, we can re-enter a long trade around the 51.70-51.90 area which would offer a better reward to risk ratio. Since the trade-management possibilities of this opportunity are so numerous, we will update this trading idea with recommendations on trade-management and money management once price action unfolds some more and gets closer to our desired entry area.
NYMEX:CL1!Long
by V4nsceaux