Crude has recently broken out of a downward channel. After a brief retest of is it now safe to dip your toes back into oil and the related energy complex?
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What initially looked like a good break turned out to be a false signal as CL1 has since broken the important support that developed around $50 and is now at a $45 handle. While it could develop around support in the $43 area, this really seems to be a powerful bear market and if I were to guess I'd say we're heading for mid to upper $20s here. Traders should be wary that downtrends like this often give 2 false signals of a break in the downtrend before being finally confirmed by a 3rd.