Daily Chart of Crude Oil

#1) Is price support that oil hasn’t even come down to test yet. Keep this in mind if we see a further pullback this week.

#2) This is my theory as to why we won’t see a further pullback. A former downtrend has turned into support. Oil tested this on Thursday, and his moved higher off of it. Very bullish.

#3) Stochastics are oversold and ready to move higher.

For the latest fundamental forces driving oil, see my MaM for this coming-up Wednesday (the 23rd)

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