Wednesday, July 6, 2011

Oil CLQ1 update

There was your pullback to above the neckline of inverted head and shoulders. Did you get it??? Short-term moving averages were kind of all laminated there as well. No real change in technical picture from yesterday - breakout on the upside continues. Target is $100 an $101.70 for now. One big thing that may derail this would be API/EIA reports tonight and tomorrow. If huge build is reported due to SPR release, that may portend some short-term weakness, but traders know about this already, pullbacks will be limited, imho. 

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