Based on the May contract approaching resistance, I am revising the final target on the /CL crude oil futures April contract to current levels (102.78) which is also resistance. I’m reversing from long to short here (closing April long, opening May contract short). Previous & updated charts of the now-closed out long trade using the April contract are in a gallery format below. Those charts won’t show on the subscriber email notifications but can be viewed on the site. Click on the first (top left) chart to expand, then click on the right of the chart to advance to the next expanded chart. The last chart is the updated April contract with the revised final target.
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- CL 60m March 15th
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- CL 60m March 16th
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- CL 60m March 17th
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- CL 60m 2 April contract March 17th
The chart below is the 60-minute chart of the /CL May contract (/CL is rolling from the April to the May this week) with my pullback target as well as the 101.90 resistance that provides an objective short entry (best to short a hair below a well-defined resistance level in case the sellers step in early). Should /CL solidly take out the 101.90 resistance, the next resistance/potential upside target is 104.10. Those trading /QM, /MCL, USO, or any of the other crude ETNs should align price targets with the futures chart below.
CL 60m May contract March 17th