Oil is a bouncy baby lately. I will be using caution here. - Price at a daily 200EMA - Price resting on a strong trendline - Price oversold on lower timelines. Price action play here, limiting my risk. Oil inventory numbers come out tomorrow, FYI.
Good Luck!
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An even more clear reversal candle has developed today, "High-Wave" anything can happen, but price is showing slowing.
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I had several contracts on OIL, it gapped up Sunday night and I started taking profits, I am just simply not seeing follow through in trades these days, I locked in profits and left a contract to run which was closed at just above break even. I disclose my losing trades and this was not one of them.
Note: there is a discussion being tossed around the TA industry about OIL and S&P500 correlation, makes sense on a fundamental level as OIL can be a bellwether for trade.
Good luck out there...this ridiculous S&P500 gain is scary.