If it breaks of course, I'm looooooooooooong until someone knocks me out because imo 70 is the next crucial resistance. It'll be a bumpy ride given the multi-month drop and frankly not a ton of fundamentals supporting much higher oil prices (for now).
But like I said, I'm still biased short quite strongly. D+ made the last high, so technically I'd go short right now. Two things still bug me though:
- below 20, which means trend momentum isn't that strong. It's "close enough", but not great. Often when I ignore this, it bites me in the ass.
- D- is STILL dropping and hasn't made a new high. If the bulls are losing power, why would I go short right now???
- Tenkan above Kijun...which is a sign.
So yeah, if I get a good short signal on H1 tomorrow, I'll hop into a trade. Else I might wait and see what D- does around 56.60.
The small short spike took place while ADX was below 20, so I should have known there wasn't enough trend momentum behind it. D- just continued to drop throughout today and the Kijun never really dropped below the Tenkan.
In the short term, I'm now more bullish, so this could quite possibly run up all the way to 60. Personally, I'll be looking for good short signals along the way because 57.50-57.75 is likely to be tested from above either way.