This is about to blow one way or another before the month is out.
Symetrical triangle now approaching apex. All major moving averages are coiling and thus building strength. A downward move might see the H&S playout and an upward move should see 53.50 pretty quickly. A break of that would confirm a trend change IMO.

F4T

OPEC chatter and falling dollar looks like it might continue for a few weeks.

We are at the next horizontal resistance of 48.64 with 49.40 and psychological 50 just above.
Marginal higher low on last trough and sp pushed through 61.8% fib yesterday. Another close or two above this level and we can start looking at 53. Watch RSI as resistance ahead.
Rising SMA20 is about to cross SMA50 on the weekly, a bullish indicator, or it could stall there.

PMO +47% has been beautiful to watch after that classic gap close, though 80-82 will be tough to conquer without a rest/consolidation.

Today / Monday will be telling.

F4T

currently $46 and change....likely to turn?

www.dailyfx.com/crude-oil

46.50 looks to be the mark. Two trendlines crossing, MA50 on daily and MA20 on weekly at 46.34
Am not convinced that H&S will play out fully.




PMO looking very good for a breakout to max 80 (Head to neckline on inv H&S). Also resistance at 81 & 82 horizontally. MA20 crossed above MA50 on weekly.

F4T

I'd say that we are now in the right area for a bounce

Fair enough. Let's see what happens.

Food4Thought wrote:
A reversal even with the continued loose monetry policies world wide? This bubble could comtinue for a while in my opinion.

Crude looking weak again. Channel & minor H&S breakdown. This may develop into a more orthodox H&S pattern.

Markets generally are about to reverse IMO. Bulls have had their day. All time highs on S&P500 with shooting star type candle yesterday. It's going to be a messy summer.

GL
F4T