Chris Kimble has been watching light crude the past few months:

• Energy Running Out of Gas? (April 16)
• Light Crude and the Baltic Dry Index (May 13)
• The Euro, The Dollar, and Oil (May 18)
• Crude Breaks from the Starting Gate (May 27)
• Cashing in on Oil (June 11)
• Cashing in on Oil: Update (June 11)

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Chris explains: My April 16th and May 13th posts on oil/energy stocks suggested some risk management (harvest profits) due to the head-and-shoulders pattern that was taking shape.

After oil decline over $16 per barrel, on May 18th I suggested to pick up some cheap oil.

Oil then increased 8% in a few weeks, and I suggested to pick up some pocket change (June 11th).

Now it's time to do a couple of things: Harvest against resistance if you haven't already. Take positions that could "score on defense" using the falling resistance line as an upside breakout stop if oil would rally beyond resistance.