As long as $7.19 is not broken.....tested yes, but not broken then the uptrend should be in tact. We still have the next & hopefully short down swoop in oil prices below $40 that sentiment on the street I'm hearing is still expecting.
Of course we have the next 'black swan' event.
We have had 3 events most recently that affect financial mkts, but not commodities directly such as....the Swiss franc unpegging, Cdn. interest rate cut (both unexpected) & the ECB finally putting its money where its mouth was...QE!!!
What we still need is announced cuts to production from N.A. producers. On BNN this am mention was made that sentiment was leaning towards cuts from the Bakken in N. Dakota first & then from Canada.
That will lead towards a bottoming of the oil price mkt.
Have to wait & see
carlos