There’s a decent chance that when all the crude oil proxies (/CL futures, USO, DWT, etc.) make an impulsive break above or below the recent trading range, including that 9ish resistance level on DWT, that we could get a pretty impulsive move. Crude inventories come out tomorrow morning at 10:30ET so let’s see if that’s the spark we need to break oil out of this range. Could go either way but the charts seem to indicate that even if the initial reaction to the inventory data tomorrow is bullish, any rally is likely to be faded soon with crude moving lower by next week.

I saw it moving in a bit of a Higher Low pattern and today closed Green at $8.80. It tested $9.00 today too. Post Market I see an $8.85 but settling back at $8.80.

I was kind of hoping for a Daily Open and Close at and above this $8.80 level to move higher than the most recent Resistance. On the other hand, my aggressive side says no time like the present as well. Which could very well be tomorrow at open for me. If not, certainly keeping an eye on it.