Oil has formed a lower high and lower low which indicates further downside with $41.00 as the next target. However, any upside will find resistance at yesterday’s high of $45.04.
Comment:
Oil adjusted its previous declines to close at $44.18, up $0.67. Oil is expected to test resistance at the 50-DMA; where a break above is needed to refresh upward momentum.
Comment:
I closed my one position at 47.45. I will go long again at 45.25
