Crude still looks weak to me, I think we are going to have a pullback to one of two very predictable levels I have shown on the chart here.
I think this will be the final pullback before we go into 2009 lows. After this, I will update this idea once again. Oil prices are being hung upward by geopolitical events around the world, causing concern amidst the future, and of course, the possible interruption of oil supply.
This is commonplace in trading. But if we can see the back of these problems as soon as we can Oil will turn it's emphasis on the inevitable, and that is, that Oil is crap right now, and needs to hit 2009 demand levels to see a real resolution of price.
The impulse pullback and the junky trading over the last 2 months told us one thing, Oil was weak. It was so obvious that my dog even went short on Crude Oil twice amongst this uncertain trading.
Best of luck traders
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