CL - Crude Oil Zoom & Test and here comes another short target: Short

NYMEX:CLN20171D

Crude Oil Futures (Jul 2017)NYMEX

Description

⋅ May 8, 2017 7:12 AM

This one is classic.

Zoom, test and a potential re-test.
However, the target is the lower medianline parallel.

If we close above the centerline, then chances are very high for a pullback to the upside.

P!

Trade closed: stop reached

⋅ May 11, 2017 8:19 AM

Out and over.
...next.

CL crude crudoil crudoilshort clshort centerline testretest FORK Pitchforks

Comments

TexasTower85

⋅ May 10, 2017 7:28 PM

I am short from $47 and hoping this bounce today was a retest of the March support area. Now that we closed above centerline are you expecting a continuation rally?

Tr8dingN3rd

⋅ May 10, 2017 9:19 PM

I think it is not a good sign.

But for the short term, the centerline on this steep fork is intact.
I wait and observe priceaction. I also sold some options against it to take a little hedge.