Using $42.50 as a support level
, a bounce off that level would be considered bullish
, but if prices fail to hold, a return to $37.50 seems probable. This implies a negative 200 day SMA
cross, which suffice it to say, would be a return to the bearish int
term trend. This, in concert with a low energy demand season approaching and several refiner outages expected in coming months, which would imply further inventory builds to already record levels.