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CLQ0: Corrective Formation

NYMEX:CLQ2020   CRUDE OIL FUTURES (AUG 2020)
Oil has been very bullish as of lately; the September delivery contract is up by almost 100% from its YTD low. The hidden bullish divergence implies a significant amount of pullback continuation players in the market. Trying to follow the momentum by buying dips and being alert for signs of bearish reversal is the prudent approach. The risk of a fast bear action that sheds at least 1/8th of the value is ever more present the further upside oil sees from here.

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