Oil broke the trend channel yesterday along side the S&P500 and other major indexes. This indicate that the strong run that started back in early October of last year, in which price fall by as much as 45%!, could finally bottomed. If this is the case consider the following trade idea.
Scenario One: Price pullbacks back to parallel . Look for long entry at 50.00
Scenario Two: Price pullbacks back to final at the edge of the previous trend. Look for long entry between 48.50 to 48.00.