In the last 6-7 days, crude oil has created a double bottom followed by price surge due to some tanker attacks bound for Asia. Events like this happen but rarely do they spawn a complete bull market.
Crude oil can keep going but it should reach the top trend line before I turn bearish again. I use oil futures to help set-up a Forex oil unit position. I like to make short bets as taking a strong long position can get us into a trap. If a single oil short shows “Red” in my account then I get out and wait for a better bearish set-up.
Oil is in a bigger bearish phase than what we think but oil traders jump on a bullish move chasing the price.
Right now oil may be bullish for all of June as there is the potential of a 4th wave counter rally still to complete.