Oil moving sideways before Wednesday

5 May 2015

This is going to be a nail biter. After the surge on big volume traders have cooled their heels and let price move sideways; volume is declining. Because price entered this range from below, got here with a good push, I won't be surprised to see it rise more. But the rise from the bottom has been swift and it also would not surprise to see the new up-trend tested. Still bullish over 18-24 months.