/CL (crude oil futures) offers an objective short entry here on this rally back to the primary downtrend line + 104.50 resistance level with negative divergences forming on this 60-minute chart.
CL 60m July 19th
Price targets denoted at the arrow breaks with stops commensurate with one’s preferred target(s), ideally using a 3:1 or better R/R. ETF/ETN alternatives for shorting crude are USO (+1x) & SCO (-2x). I’ll mark up a chart with price targets for SCO & either post it in the comment section below this post or in a new post as soon as I get the time but just wanted to get the trade idea out there as I suspect the sellers might come in hard at these intersecting resistance levels.