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.