On my recent posts I suggested oil
will likely have a deep correction to .78 or even to 1.0 (ie a double bottom
). In the last few days the closes are all near .78 and the lows at .84 retracement. Late today we had a big pop up in oil
. with another bullish
candle on the daily chart
and a break of the downtrend line on the 120 chart. So I am now long with the stop below the previous low < 37.73. I would not be surprised to see some pull back tomorrow to give a good entry point if you are so inclined. Make you own judgement as this is just the way I see it. Take care. Have a great weekend coming up. Goodguy.