Pullabck
CL Pullback Long Crude Oil is building bullish momentum after touching the 150 day EMA. The complex pullback pattern took longer to materialise, perhaps because an extended accumulation was taking place. At this point, this pair seems to be looking higher, the daily/weekly/monthly charts are showing bullish signs. The monthly bar, if closes at current level or higher, will be printing a Wyckoff's spring. If this long-term bull trend in Crude Oil is still intact, institutionals should pick it up from here. If it fails around this area and the month closes in red, bulls will vacate their holdings and a major trend change can ensue. Trade with care.
