Long CL during London session

Just went long CL @ 98.65
Target 102+ (will adjust later)
Stop 95.75





Looks like we are setting up for a risk rally here. I like CL because it has been hugging the daily downtrend channel line for a few days now, and it looks like its going to break it. It’s also looking good on the hourly charts. We are getting HH and HL on hourly, and we are inside a wedge and that looks like it wants to break to the upside. I don’t have a target in mind, but 102 is the next big resistance if we break out, so that’s the area I’d be looking to take profit.




Open trades:
EBAY 34 AUG CALL @ 1.16
CL   Long 98.65   Target 102-105 (will re-adjust later)  Stop 95.75