Double top and Trendline break

Short

Contrats à terme sur pétrole brut léger (NYMEX:CL1!)

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NYMEX:CL1! Contrats à terme sur pétrole brut léger

Clear double top in CL. Together with the daily trendline break, outlook is bearish in the medium term. Fundamentals are helping drive this move down, however that may change at any given moment. First support is around 42 (1st Fib) and then from 40-39 VVAL and 50% Fib. Vigilance is needed at these levels since around 45 is the VPOC which may act as a magnet

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CL1! broke yesterdays low, still bearish

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CL1! coming into first support

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OPEC Saudi comment drives prices up

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Swing failure into first support. Could see some consolidation around 45 (VPOC) as discussed

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Consolidation around 45. Should see accumulation (sideways action) around these levels before another move

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Shorts need to be vigilant as USOIL PA is looking like a bull flag

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Novak comments on possible oil output freeze. Fundamentals take the lead

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