To be sure, crude bulls have been a weak bunch of late.
However, today’s upside reversal in many commodities to accompany the Dollar weakness sure smacks of at least some relief for a snapback rally.
Keep an eye on the daily chart “hammer” reversal candlestick on the crude oil ETF, below. A close near the highs sets up some more upside this week for a counter-trend bounce.
I suggest keeping stops for any longs below today’s lows, if not tighter.
___________________________________________________________
A big gap down below today’s lows would be just what the Dr. ordered…and typical of this tape. Way too risky to go long just yet, imo.
Watching DRYS. It has a lot of work to do but today’s hammer is a start.