goodguy
Long

4 hour log chart: Shorter term update on my view of oil

FX:USOIL   Crude Oil (WTI)
252 4 2
Here is my current view of crude oil             . I still think there is a good chance of another pop up is this a contracting triangle that is now forming (which is often seen in 4th waves). If we first get a drop below the level labeled ".1" then I am wrong.
Oil futures turned higher on Wednesday after the U.S. Energy Information Administration reported a 3.4 million-barrel decline in crude-oil supplies for the week ended May 6. The American Petroleum Institute late Tuesday had reported a 3.45 million-barrel increase, while analysts polled S&P Global Platts expected a 300,000-barrel increase. Gasoline supplies fell by 1.2 million barrels, while distillate stockpiles were down 1.6 million barrels last week, according to the EIA. June crude CLM6, +1.84% was at $45.12 a barrel on the New York Mercantile Exchange, up 46 cents, or 1%. Prices traded lower at $44.22 before the data.
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Given the price action since I originally posted I think the side ways action the last week or so may be an expanding triangle. Should know in the next day or so.


snapshot
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we are waiting for the jump
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goodguy PRO Ahammadi
Me too.
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