We’re cautiously bullish on WTI over the near-term and suspect it could be due, at the very least, a minor bounce. Despite slipping from its highs, the trend structure remains bullish and prices have found support above the 50-day and 200-day averages. Furthermore, the 50-day average remains above the 200 and a bullish engulfing candle formed at $60 to form a likely swing low. With prices now coiling above this support zone, we think it could be due a bounce higher. It’s touch and go as to whether price can fully recover and break to new highs, although the pivotal level around 64.80 makes a likely bullish target. If ... (full story)