TIME TO RETRACE - OIL CRUDE OIL FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) NYMEX:CL1! wanderlust_87_ Hi traders, like and follow if you agree. As we can see in this 3h timeframe chart, oil price is still rising in a continuous way from december: couple of weeks uptrend, couple of weeks lateralization with supports and resistances retestings. A few days ago we received a good short signal from MACD indicators. Price is likely to return towards the $56 level to than move sideways within a horizontal channel. A drop below $56, or even $53,5 could confirm a reverse downtrend, otherwise we can expect new highs following the main positive trendline. Good trading!