would keep a bearish stance until it crossed back we gave our 69.5 partly based on techn resistance and partly because summer drive is over and distillates and gasoline canme in high but most importantly the Sentiment changed to bearish
Fundamentals act as catalysts but Oil trades on sentiment recognizing what will act as a catalyst is key to anticipating direction
Draw a daily chart and you will see the channel bottom is now 67.6 this bull channel has been an outstanding you can see the history as far as it back dates of how many times
it has been tested and stood so rather than fight a trend we stand with it and look to buy at least more time with a tight stop should we venture close
For now we have a range today between 68-69.5 and real support at 67.6 and resistance at 69.6
The greenback seems to be losing its footing after perking up after ironically "Dollar's positve comments" and a more so a turnaround in the market
We await the President
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