CL 12-14 ForecastCL 12-14: Light Sweet Crude Oil
CL is forming strong bullish move during November 2014 off the weekly bottom being formed this week. Aggressive traders can go long on any pullback move to the critical black lines.
If weekly bar closes above 81.16-20 zone, this will be great confirmation of starting uptrend at least during first two weeks of November before the expected price capitulation at the end of next month (November). I will keep watching this instrument because it is my favorite one and will update you with re-entries.
Nymex
WTI Crude Oil - SHORTYesterday WTI Crude Oil (/CLM4) completed an MACD divergence crossover on the DAILY chart. This signals a start of an intermediate downtrend (Less than 1 Month) for the Oil Futures.
Trade Idea: SHORT /CLM4 at current prices and add more up to $103.45. Stop Loss is at a break of new highs at $104.20. Profit Target is $98 to $96.
If you like trading Options, consider buying 100 Puts and Selling 105 Calls to offset the Put purchase (of course some margin will be used up).