The rally in crude oil has been impressive, but context is important. Let’s take a look at the past month on an hourly bar basis.
Let’s take a look at the past month on an hourly bar basis:
As you can see, crude has had three rallies this month, and the peaks (circled in red) have been a little lower each time. I would suggest that this time is no different, and unless we bolt above $54.33, this is probably just another countertrend rally in the context of an ongoing bear market in energy.
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