copydrbij

They broke the uptrend but are reluctant to sell it further.

NYMEX:CLQ2016   LIGHT CRUDE OIL FUTURES
Crude did not roll over and die after breaking the uptrend. A BIG emotional candle after a disappointing eia             report broke the trendline dating back to january, but what puzzles me is why it did not break down further after the retest of that line from the back.

Maybe they are anticipating the BIG DRAW eia             report on wednesday and therefore hesitant? Or is this just a corrective structure (the overlapping price action would fit that) and are we coiling for a bigger move up?

As always, price will tell us.

I have marked out some possible scenarios.
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