CL1 - we can see an bounce back from the trend line.

Oil is trading around 3 month low, close to the trend line started last year. Price was rejected twice from the 47.00 level and probably another rejection will bring WTI back to 50-51 area. Still we don't have all information for a reversal pattern, even if volumes are lower, showing that the sellers are exhausted, another down movement to 47 level can trigger stop orders under the trend line and bring OIL to 46.However, from my point of view, in this moment, the bullish opportunity is more tempting and i will rather go long if the market will move lower, without retesting the 47 support level ending the down movement close to 47.20 and bounce above 47.50, with a take profit above 50. But i will still take into consideration going short if we see a brake down.