a daily price action after hour update - oil

NYMEX:MCL1!   Micro WTI Crude Oil Futures
Good evening and i hope you are well.

wti crude oil

bull case: Amazing day by the bulls. They broke strongly out of the bear flag and made the market always in long on the daily so i expect follow through to 78 or higher.

bear case: Bears see this as a trading range and they want the market to form a lower high below 78. After such a strong move on the daily, bears expect bulls to take profits and the market probably will go sideways before another leg up or down.

short term: neutral here - valid targets on both sides and today was strong enough for a breather over the next 1-2 days. If bulls manage to keep this running, 80 is highly probable but first they need a higher high above 79.

medium-long term: Sideways until clear break of range between 70-80

trade of the day: long → see chart


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