Crude oil is looking for direction and is in a trading range at this time between 50.00 and 43.00. The 50% retracement of the 2016 long leg seems to be holding for now. It is possible if that price holds that we see the yearly high again at the least. However, price could power through the 50% level and move to the 70% level just under 40.00. At this time it is hard to get a good understanding of direction...it is best to stay "neutral" and take conservative profits until a better understanding of direction can be clearly understood.
Comment:
The current trading range is between 47.60 and 43.54 (not $50.00 and 43.00 as first stated). A break above 47.60 should indicate a test of the yearly high if not a push above to new highs. A break below 43.54 should indicate a price move to 39.89 if not a harder move to the yearly low and possible lower low. None of my observations are solid they are simply possibilities to expect (if this happens then expect that to happen). Nothing is certain in trading any market!