Will crude oil hit the level of 56 or break the level of 53

NYMEX:CL1!   Light Crude Oil Futures
CrudeOil Analysis based on trend analysis.

After the fall from the level of 59, seems to have some bounce from the low level of 51. Now the trend is not bullish nor strong bearish based on the current level of holding.

On my analysis, may have good entry at the lower level of 54 with the SL of 52.50 and the target of 56 to 56.50 level. But if breaks the support of 53, then it will leads to continue the bearish mode. Need to watch for the entry for long.

Safe traders - better to avoid the risk until the trend get the clear view. Risk traders - avoid to take huge quantities.

Trade closed: target reached: Good bounce from the support. Time to close the position.


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