CoopsCharting
Long

Crude Oil - Part Deux 3/5

NYMEX:CL1!   Light Crude Oil Futures
341 0 5
1. View my previous weekly candle chart, where I accurately called the bottom in crude (yes, I know technically I can't say I was right yet).
2. The supply glut in oil             is real and the media negativity is near full consensus. Enough time has passed for trades and various positions to be taken to coincide with this negativity. Taking the contrarian view at this point is the best thing you can do.
3. The daily RSI is neutral. The weekly RSI is oversold. The weekly and daily chaikin oscillators are bullish . The 50 sma is about to gain a positive slope.
4. I don't know why, but these ascending triangles (sort of), seem to break through on the 4th try. We will be making that 4th try soon. Pre-market oil             prices are already over 52. The breakout point is 54.25...although, if it were me, I'd prefer to see it at 55.50 or so on volume first before taking a position.

....bet on crude moving north from here. It may seem crazy, but the chart is saying 73 at some point this year.
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