Crude oil has again started to rally up again but since global market like DJI, SPY are showing signs of reduced bullishness / retrace, i am expecting the crude oil will also follow a similar pattern. We may see a move up to the top of the previous high which is $40.4 after which i will expect increased selling pressure.
Even if Crude oil is able to surpass the previous high, it should face resistance again from the high of the gap zone which is $41.5 region. There may be a short term short opportunity coming up in Crude oil . Anyhow, if we break and hold above $41.5 region then the short scenario would be negated and we may see another rally up in Crude Oil .
For the short term, i am expecting crude oil to go down or go sideways after which we will have to re-analyse the market scenario.
USOIL - 70 ( )
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