/CL Crude oil short
Updated
Last Week made a huge bearish engulfing candle on big volume, so looking for continued weakness in oil.
Currently in a descending channel after mid-east tensions have subsided. Market still seems to be slowly zig zaging down in this channel, perhaps waiting for a catalyst to continue further down.
Aiming to enter at top of channel with confirmation of weakness and looking for targets at 56.50 and 56.00
Must be weary, oil has been making wild swings in smaller ranges
Currently in a descending channel after mid-east tensions have subsided. Market still seems to be slowly zig zaging down in this channel, perhaps waiting for a catalyst to continue further down.
Aiming to enter at top of channel with confirmation of weakness and looking for targets at 56.50 and 56.00
Must be weary, oil has been making wild swings in smaller ranges
Note
Break above the channel, within 2 points of my SL, still in trade. Possibly looking to get out early at a retest of the upper channelTrade closed: stop reached
SL hit, whipsawed out
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