oil is inside a very large distribution between 53.50 and 56.40 and looks very happy trading this range, so until we get out of this area I will be looking for it to keep finding the top edge of this range then dropping back to 54.60 area consolidating then deciding what edge to test next. I see the same thing from the bottom edge coming back to the same test point. This pattern will repeat until this distribution is broke. The break should give a very good clue to the big picture direction.
There could be a very good premium selling opportunity at this level, just make sure if you do that is make it a limited risk trade.
There could be a very good premium selling opportunity at this level, just make sure if you do that is make it a limited risk trade.