topping out--$3. run-up from a dble bottom in Mar. & now we roll over.
---CCI= buy signal
---RSI did not even get to '70' level before rolling over
---SP at top of BB & rolling over
---Fast Stoch poised to give a sell signal
---volume tailing off near the top
---Pivot pt. is @ $23.92 which happens to be the midpt of BB.
---even though inventory levels were down morwe than expected & Saudi Arabia wants to extend production cuts, oil price still weak. Storage capacityis at critically low levels (way above 5 yr. average). There seems to be no strong belief that oil prices will go above say $60. before it goes below say $50. Also rigs activated still climbing w/o relief as producers lock in futures contracts to allow them to cover their costs & activate more rigs.
---lower for longer still valid.
carlos