Oil has the attention of the top calling bears, but the way I see it, it won't make it easy to call the top, like it never does. Based on the structure I'm seeing, a move higher is more likely, and I expect it soon.
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4hr close on the ascending triangle confirmed + horizontal resistance broken. This is the first time all month it closed above its intra-month highs.
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Very important for me that oil holds today's lows. I have no interest in being part of the noise that could be inside the consolidation. I want this trade to work fast or I don't want to be in it.
My concern with oil trading higher right now is gas futures - they don't look good to me.
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Looks like it could be breaking out now.
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Consensus trade is down not up, that's why up is more likely.