Oil Futures Daily & 360-Minute View – Looks Good; A Key Test In Play

We may have seen some type of low in oil.  As said before, bad news hasn’t been met with more selling of late.  Now testing 72-day moving average and the downtrend line going all the way back to July 2014.  A pop to the 200-day moving average, the lower end of a congestion range ($54-$55) would not surprise.  Depending on risk tolerance, long here with a stop at 43.30 make some sense to me. 

Crude Oil 360-min: Possible wedge wave 2 bottom in place at 43.69; extension to 62.44 wave 3 scope, i.e. wave 1 x 1.618…if corrective only, scope to 55.29….wave 1 x 1.00…