Clicky

Potential Bearish Rising Wedge Forming In Crude- Covering Short

CL (crude futures) appears to be working its way up within a bearish rising wedge pattern although I favor one additional bounce within the wedge before any meaningful downside. With CL & USO (in pre-market) approaching support, I just covered (sold) the pot-shot DWTI (3x short crude) trade that I mentioned taking in Friday's video while USO was trading around 9.82, just off the highs while trading around my first bounce target level. CL (crude futures) 120-minute chart below. I'll post an updated chart of USO on the front page or within the trading room after it begins trading in the regular session later today.

CL 120-minute Feb 1st

CL 120-minute Feb 1st

0
Feb 1, 2016 9:12am|Categories: Gold & Commodities|Tags: , , |Comments Off on Potential Bearish Rising Wedge Forming In Crude- Covering Short