Some food for thought. Oil plays with the top of the short and long term channels(log scale). As I mentioned last time the extreme bullishness of most analysts makes me view this market as bearish. however the point at which it approaches the tops of those channels may cause them to break. as opposed to mass perception multiple support resistance lines rarely hold... The temptation to kill 3 bunnies with one bullet is simply too irresistible. So, some short squeeze is perhaps imminent as we saw today. Once the stops of the shorts are taken we may see a sizable correction.
The other scenario is 200.
10 year chart is attached.
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