Forgive the cheesy pun but the charts of /CL (WTI light sweet crude oil futures) are starting to look pretty sweet with the potential for a counter-trend rally trade and profit potential ranging from 5-15% from current levels, should my expectation for a counter-trend rally in the stock market this week begin to materialize tomorrow. It’s getting late here so I’m just going to post the 60 & 30-minute charts of /CL & USO (crude oil ETN) below with the potential swing targets for those interested & I will follow up tomorrow once we see where both the crude & stock index futures (which are typically correlated with crude oil) are trading.
CL 60m March 16th
USO 60m March 16th