Thursday, February 2, 2012

Oil Closes Off Its Low

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.

No comments: