Squeeze has been on for 10 days. Momentum has flattened out and is now turning positive. RSX curving back up, crossed above mid-line. DPMO shows a false top and beginning of another bounce.
Look for confirmation by establishing support around 55.60. First PT is 59.64; second PT would be retracement to .618 fib level at 63.75. Of course, this squeeze could be scuttled by any number of macro factors (US-China trade deal news, EIA/API builds, a stop in OPEC cuts); but those same factors could also fuel a strong breakout if they are more positive than currently expected.
Look for confirmation by establishing support around 55.60. First PT is 59.64; second PT would be retracement to .618 fib level at 63.75. Of course, this squeeze could be scuttled by any number of macro factors (US-China trade deal news, EIA/API builds, a stop in OPEC cuts); but those same factors could also fuel a strong breakout if they are more positive than currently expected.