/CL (crude futures)finally appears ready to give up the ghost. Inverse (bearish) crude ETN’s are still on standby for official short trade ideas pending some half-decent evidence of a reversal. 60-minute chart of crude futures below.
CL 60-min April 19th
Counter-trend rallies aside, my expectation is for a move back down to the 12.15 area in USO which would represent a drop of ~13% from current levels. Daily chart below.
USO daily April 19th