Tomorrow is Wednesday, the day the DOE releases the weekly inventory report for crude, gasoline, and distillates (heating oil, diesel, jet fuel).This report seems to be good for some fireworks after tis release; let’s sees what crude looks like this week.
Crude futures rallied last week after the inventory report, but it was unable to break the March 26th high at 54.66.Monday’s doji bar was a selloff yesterday, with followthrough today.This has put it back in position to test the up trendline that it tested after last week’s report.The trendline is at 49.23 today, 49.53 tomorrow.MACD appears poised to corroborate a breakdown if it occurs. Stay tuned!
Will the trendline hold?
.gif "(Yet Another) Look at Crude Oil Futures")
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