TVC:USOIL WTI CRUDE OIL
OPEC chatter will limit the price floor for now. Doubts of OPEC ability to reach a meaningful decision will limit the price ceiling, longs have been bitten once already. Expect oil to trade within a range until OPEC have had their meeting. This is good day trader territory.
The reverse H&S is still in play, and coincides with the opec meeting. Its another reason for limiting the downside to about 43. We'll need to see clear and positive results from opec to drive that H&S. A failure in Sept will break this formation, and likely test this year's lows. A reason for keeping the lid on upward moves prior to the meeting. Sept will very much be driven by speculation - for sure.