CL has broken out of the descending triangle but it still looks weak. I doubt this is the bottom. The problem is that we went down too far, too fast at the beginning of May. The big crash flushed out too many long positions, so selling pressure has been relieved.
On the other hand, Brent/WTI spread is still high, signaling bullish pressure on Brent.
The bullish season for CL usually ends in May and the market goes side-ways until it rolls over and turns bearish around September. We are either going further down, or will consolidate for a few weeks. I’ll definitely be selling the rallies.
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