Browse Stacks: Analytics: CL_Daily_July032015.jpg

With most U.S. traders away, Asia & EU traders decided that down was the way on /cl July 3rd. 

After finally breaking down out of the wedge of death on Wednesday, we've seen two days of follow through. 

On the continuous /cl chart, we find price closing in on the bottom of the Dec. 2014 wedge (54.94), after the top of that wedge (59.28) had been a key level since being broken back in April. 

Should we break 54.94, then the 50% retracement of the 2015 low-to-high is at 52.50.