Crude Oil Short Setting Up

NYMEX:CL1!   Light Crude Oil Futures
Crude Oil is finally looking like it's about to stall and potentially pull back. Back in April, on the gap up, the peak of that Bollinger Band comes in at 91.18. I consider that unfinished business for the bulls. Once that's achieved, then I will look for the daily Bollinger Bands to start coming back in and volatility to start contracting, looking for a mean reversion move in Crude Oil.

The bulls have control until those Bollinger Bands come in, so be patient. The move lower may start before that, but it's not about picking the top, it's about executing the next move.


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