Oil closed off its low today (sic-not in the upper half of the range). The main problem with the short perspective is failure to accelerate to the downside. The action since the high on 1/4 now looks more corrective than impulsive, which negates the possibility of a flat correction and raises the probability that a triangle is underway. The existing squeeze setup may turn out to trigger long. If so, the first target is around 102. Only a break of today's low with a close under support would change this view.
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