The CL daily time frame has created an up channel. The market has hit the bottom of the channel and is showing signs of pushing bullish towards the top of the channel. The market has created an up Fibonacci with an extension price point 78.92 about +991 ticks above the market. The market has broke and closed above a counter trend line bullish and showing sings of wanting to push toward the Fibonacci extension.
Entry: Counter trend line break bullish above the bottom of the channel.
STOP: 64.60
LIMIT: 78.92.
This is part of the long idea of the CL 01-25. The market has rolled into the next contract CL 02-25, so we are updating this idea.
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