Bullish reversal still in progress. 67 support solidified. Long.

3 thg 8, 2018

The first curve reversal pattern failed (dotted) as Wednesday's bearish Inventory build knocked down the price just below the previous 1D support level at 67.00. The move began its pricing the day before indicating that such fundamentals are now typically priced before the reports (indicating that the dominant trend can be identified as opposite to speculation). Despite the oversupply, the 67.00 support was quickly bought and solidified, indicating that the underlying long term trend is still bullish with 1W RSI = 54.669, MACD = 2.450. Despite being near the 67.00 support level, 1D remains neutral (RSI = 47.301, STOCH = 48.472, Highs/Lows = 0), indicating that a bottom has been made. The goal for this week's closing is to rally as much as possible and ideally hit the 0.382 Fibonacci level at 70.76. Our targets remain 71.88 and 72.86 in extension.