FX.co ★ bradtke.owen | CL/Crude Oil

Oil continues to slide down. So as long as the price is trading below the descending trendline, buying is not considered. Perhaps buying could be attempted upon a new low in anticipation of another zigzag towards the trendline. However, this is a risky game that could end with a sharp downward spike. Although there are strong supports there, breaking through them won't be easy. Therefore, buying on the decline and selling on the rise is the action plan for today. A breakout of the descending trendline will cancel the south and provide for a northward pullback to 80.80, which we have yet to see. Sooner or later, it will happen. The key is not to rush. #CL: