The daily chart of /CL (crude oil futures) below shows the recent breakdown & backtest of the primary uptrend line along with two tags of the 65-66 price target/support level from the recently covered 60-minute charts. While this current backtest of the daily uptrend line offers an objective add-on or new short entry, the next sell signal (i.e.- also an objective entry) will come on a solid break and/or daily close below 65. The long-term swing/trend trade targets are the 61.50 area followed by the 57 area.
CL daily Aug 11th
For those in the SCO (2x short crude ETN) trade, the price targets* remain as previously posted on the daily chart below.
SCO daily Aug 11th
*Those are rough resistance levels where reactions are likely, best to set your sell limit order(s) slightly below the actual resistance level(s) you are targeting & it is also best to align your entries & exits with the charts of crude futures, as leveraged ETFs/ETNs are prone to price decay over time.