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The WTI Crude (CL) formed a daily Hammer yesterday after Wednesday's plunge, and appears to want to consolidate another day or so before potentially giving way to more selling. Significantly, CL remains within a year long upchannel (on the weekly chart), but appears vulnerable to a slide in the next few weeks towards upchannel support. The weekly RSI, Stochastics and MACD are tiring, and together with a steadily downsloping daily MACD, suggest more downside next week. I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).
WTI Crude (CL) Weekly/Daily/4hr
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