Technical:
Bullish case: channel bottom and severely disconnected from moving averages. We see potential closing above a down-trend for the first time in 5 weeks (above 42.96 to accomplish this). If pattern holds, find yourself at the top of the channel (~49.25) within 2.5 to 4 weeks as the spike is has historically been faster than the fall.
Bearish case: Below this channel and we may fall into "no-man's land". Could short below $42.50. Lots of resistance levels between 42.50 and 49.25.
Fundamental:
Bullish case: summer driving months, opec, saudi ipo on deck
Bearish case: continued oversupply, any build or overestimated draws could drag the price down
- I am long - 42.00 stop-loss.
Bullish case: channel bottom and severely disconnected from moving averages. We see potential closing above a down-trend for the first time in 5 weeks (above 42.96 to accomplish this). If pattern holds, find yourself at the top of the channel (~49.25) within 2.5 to 4 weeks as the spike is has historically been faster than the fall.
Bearish case: Below this channel and we may fall into "no-man's land". Could short below $42.50. Lots of resistance levels between 42.50 and 49.25.
Fundamental:
Bullish case: summer driving months, opec, saudi ipo on deck
Bearish case: continued oversupply, any build or overestimated draws could drag the price down
- I am long - 42.00 stop-loss.
Green is the preferred aggressive up-slope, as it has historically been so. However, light-blue and pink also have historical precedence, and should not be ignored as possibilities as the past often flips a coin to decide how closely it wants to repeat itself.
Good luck all and remain on the lookout for both bullish and bearish opportunities.