Its 11:28 PM Thursday night and CL is in free fall in London session. I had my stop at 83.71 but looking at the longer daily charts, I see that there is support around 82.50~83.50 levels from Dec lows. I am going to give it some room for wiggle and lower the stop to 82. CL has been down more -17% in the last 9 trading days without any pullbacks. I normally don't like to lower my stop, but I would hate to get stopped out and then see the market shoot up and miss the bounce.
3:00 AM UPDATE
What a crazy Friday. CL went down as low as 82.78 before bouncing up sharply. Its at 86 right now. I have re-drawn Fib lines from last week's peak to today's low and came up with 89.66 (61% fib) as next big resistance. I am going to close out this position around that level.
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