CL (crude futures) hit the top of the target zone today & has been tapping on that level since. CL (or any crude oil proxy such as USO, OIL, DWTI or a UWTI short) could be closed here for a quick gain (my preferences) or one could lower stops to protect profits, if holding out for the bottom of the support zone.

Personally, I’ve taken profits as I was just looking for a quick counter-trend/pullback trade although I could see the possibility of a continued move down to the 34.15 area (if so, I’d still expect at least one substantial bounce before then). I’ll also say that the R/R to remain short at this time starts to diminish rapidly with each tick lower, especially with the longer-term (daily & weekly charts) still bullish, another reason for taking the quick gains. CL/crude was an unofficial trade idea, originally posted in the trading room so this post and the previous associated posts on CL will not be moved to the Completed Trade category.