Oil Trade – trading CL oil futures

Oil Trade, looking the CL oil futures and trading from our managed account.

We are in a mid term downtrend. Looking at the 240 min chart we have hit support and we are looking for a bounce up to 101.63 before a further continuation in the direction of the major trend.

has normally produced a .70 range to a $1 off of these volatile moves.  We shall see.

if there is buying pressure in the AM session we could see it test to 102.00 then to previous swing high of 103.

Oil trading can be very volatile, so be sure you understand the tendencies of the market before you trade.

Entry on 500 barrels for retracement in the Money Maker Edge™ managed fund.

Short term position on Oil. Low risk, high return.

Good chance of retracement.  Initial targets of 101.20 and then if there is a continuation to the upside one more risk free position.