We were waiting for a strong down thrust and we can classify yesterdays daily bar a strong down-bar. Thus we are somewhat convinced that the uptrend is over for oil. Being always on the cautious side, we shall look for developing patterns on the down trend and whether this trend change will hold. We will wait for the first major retracement against this move to judge market strength.
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ajoullie
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From the physycal side the news are that Texas gvnr psd a law that autho further drilling for fracking, china's overstocked (close to capa) and floating storage at arnd 40ml bbl presently.