CL futures are currently testing potential trendline resistance and the 50-day MA. The current advance is matching the late-July advance in price and time. Thus, if bulls stall here it would confirm the validity of the falling trendline. Note, the daily candle has not closed yet so this is a little premature. That said, if price-action closes at or near current levels (70.50) we will try to take advantage of possible minor consolidation to initiate a LONG position for a move towards 75 and potentially higher.
BUY at 69.37 for the 74/75 region (1st target) then potentially 77/78
Stop at 67.65 or a daily close below the 10-day MA
BUY at 69.37 for the 74/75 region (1st target) then potentially 77/78
Stop at 67.65 or a daily close below the 10-day MA
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.