On Friday, we closed hard against the red trend line that ran from our bounce off ~2640, we also kissed off it during the Sunday overnight session and failed to get at it during RTH. The green trend line comes from the March 23 lows and I believe it has to be defended maintain this up move. I think we can still see 2724 and still defend the up trend, but a visit and close below 2700 doesn't look good for this up move.
JFC...never in history of oil would people imagine negative price on the black gold. Maybe China will just dig up a giant hole in the ground to store the cheap oil.
We`re looking at an Island Reversal here off the open... Big Bearish Pattern! Which is what I anticipated would happen given 2 short entries..... I`m going to continue to sell the rips, melts, & grinds...
Teenagers got us our nice overnight pullback and now we are ready to go for a nice upmove from here. I'm staying long.
Magoo sees a firm floor being built in crude as well. Only down 30% overnight. Long term buy and hold investor in crude futures. One of a kind.