Essentially, this is the same chart I published more than a month ago. I don't see any major modification is needed at this point.
As I have warned in my comment on my last chart, $53 is a price level to watch since it's a mid point to the $58 target. Now, this retrace should complete at $51.50, $50 or $48, with $51.50 being the most likely inflection level in my opinion.
Longs should hold for now.
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Look for inflection point at $48.50 when next EIA report comes out on 4/26/2017
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USOIL looks weak but $58 by mid June is still possible.
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HFI-Research
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Prescient call.
coolingla
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@HFI-Research, Thanks. Let's see what happened next.