Crude Oil (CL) Target Reached 7/19

Hourly chart of Crude Oil (CL) to the left. In a post yesterday we pointed out we had reached the bottom of a channel and the lower fib retracement from the previous downmove. We also looked to target the upper end of the channel around 98-99 from this buy and this morning we have already reached this area. While ultimately I think the breakout of this channel might be to the upside, I personally will lighten my position here and then wait for any bearish candlestick formation or divergence to form to pull the rest of this position off. If the signal forms inside the channel / retracement area then I might look to reverse my position too.

EDIT: An hour after this post crude formed a nice shooting star off the top trendline and I have exited my position. I might look to go short soon as well.