Hey cmon - I'm still tracking the same - either an equality move...

Hey cmon - I'm still tracking the same - either an equality move to $71.02 on the immediate Crude contract. Or if it starts pushing easily past here then we look for a 1.618 x W1 extension to $93.94 which puts things in bullish mode. The latter scenario will also be looking beyond $93.94 longer term. For now I'm just looking at the immediate cycle off the November lows. The former though will mean we stall badly as soon as we get into $70's. So will be looking to see what price / contract volume looks like if/when we get into the $70's. Strong bearish divergence around at the moment though so keeping an eye on that as it generally means some weakness is on it's way. Overall I'm liking the Crude chart though with any dips at the moment being strongly supported by the smart money.

Glad you didn't ask about OEL technicals !!!! ...... because there are none until it breaks back above 1.7c - and there are no signs of that happening at the moment whilst the dinosaurs in charge sit around like deers in the head lights. To think OEL was trading around the same price when Crude was rock bottom 12 months ago in single digits !!! E