Justiceisfalse
Long

Wants back in the channel

FX:USOIL   Crude Oil (WTI)
36 0 1
Pros:
CL             clearly wants back in the channel or alternatively clearly does not want to be out of the channel...
Coming out of oversold territory, it is posting the fist strong day since it fell out of bed.
API numbers this evening posted a massive draw down and there is a slew of data coming this week that could provide support for bulls.
If the DXY             sells off, it could add a nice kick.
Targets are pretty obvious... old support levels and then above 63
Safe play IMO would be to wait for a close above 54 which we should get tomorrow on option expiry given that there are 15,000 puts at 54 which are going to attract a lot of attention

Cons:
COT is bearish
Inventory builds keep on coming, with exception of API this evening
Tons of overhead to clear through.
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