Oil is going to make a major move very soon, however, it is extremely challenging to place a probability based on technicals right now - too much contradiction in possibilities. At this point, a close above $55 or below $50 is the green light for direction.
Ok I see better now, thanks for your valuable input !
MisterTrader
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I will remind myself to keep an eye on Weekly chart as well. I stopped doing that since my screen is not big enought to show 2 graphs :)
MisterTrader
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My SL should be far enough to absorb the potential bullish wave to the weekly high
ElPatron.Y
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I think it won't fall that far ( short-term ), crude oil is now being squezed in a bullish triangle. A drop below that could become absolutely bearish, and a rise above it again bullish. I can also see that the pattern is being repeated.