/CL crude oil futures continue to successfully hold the key 50-51ish long-term support level with the bullish divergences still well-intact and the next objective long entry to come on a break above this 60-minute downtrend line.
CL 60m Feb 5th
Although the day is still very young, we currently have a potential bullish engulfing candlestick forming on the /CL daily chart… something worth monitoring into the close today.
CL daily Feb 5th
On a related note, USO (crude oil ETN & the official proxy for the Active Long Trade on crude oil) has broken above the 60-minute downtrend line although /CL futures are testing the comparable 60-minute trendline now (I give a higher weighting to the futures vs. any of the crude ETNs).
USO 60m Feb 5th
Remember, all previous analyses as well as the parameters for the Active Long Swing Trade on crude, including price targets for USO (official proxy) UWT, & /CL, can be viewed by clicking on the symbol tags located below the post.
symbol tags