Full Disclosure: Take with a grain of salt, I am still a novice trader and make mistakes, but that is how we learn.
Possible Inverted HS confirmed by a pickup in volume on the right shoulder. Bearish inventory levels continue to put pressure on prices although middle east tensions could cause prices to break through the $97 resistance. Sharp move higher into the upper BB could use a back test of the neckline or at least some consolidation. China CPI number Wednesday could be a catalyst either way (I personally think lower) but will have to see. Long may 18, 33 USO puts from lower levels holding for a loss, will sell to close them w/ decisive move above 97 or will add to puts looking for lower prices depending on price action tomorrow. Looking for possible retest of neckline and breakdown. Or breakout above 97 from these levels. Just my $.02.
Possible Inverted HS confirmed by a pickup in volume on the right shoulder. Bearish inventory levels continue to put pressure on prices although middle east tensions could cause prices to break through the $97 resistance. Sharp move higher into the upper BB could use a back test of the neckline or at least some consolidation. China CPI number Wednesday could be a catalyst either way (I personally think lower) but will have to see. Long may 18, 33 USO puts from lower levels holding for a loss, will sell to close them w/ decisive move above 97 or will add to puts looking for lower prices depending on price action tomorrow. Looking for possible retest of neckline and breakdown. Or breakout above 97 from these levels. Just my $.02.