/CL (crude oil futures) has just hit the first price target (39.48) following the recent sell signal which was triggered on the breakdown below the bearish rising wedge pattern + 40.51 support level with several additional objective short entries on the backtests of the 40.51 level following the breakdown. 30-minute chart below.
CL 30m June 24th
The odds for a reaction off this initial tag of the 39.48 support are elevated at this time with the next sell signal to come on a solid break below, regardless of whether or not crude mounts a significant bounce or not. Should /CL bounce, any rally back into the 40.50ish resistance would offer an objective short entry or add-on as will a solid break and/or 60-minute close below the 39.48 support level with the next (unadjusted) target around 37.62. I’ll follow up with comparable price targets & key levels for USO in the comment section below this post asap.