- Yesterday's candlestick closed as a bear bar in its lower half with a prominent tail below.
- Currently, the market is a small bull inside bar trading near its high.
- The bulls want a reversal from a wedge pattern (Mar 25, Apr 9, and Apr 15) and a small double bottom (Apr 9 and Apr 15)
- They see yesterday's move simply as a retest of the April 9 low and want a reversal from a lower low major trend reversal.
- They must create strong bull bars with follow-through buying to increase the odds of a TBTL (Ten Bars, Two Legs) pullback.
- They want a retest of the 20-day EMA.
- The bears want a retest of the January low.
- They want a large second leg sideways to down with the first leg being the April 2 to April 9 low.
- If the market trades higher, they want the April 10 high or the 20-day EMA to act as resistance, followed by a reversal from a double-top bear flag.
- Exports for the first 15 days are up ITS: 16.95%, AmSpec: 13.55%.
- Production is slowly picking up, but not in a big way yet.
- Refineries' appetite to buy physical looks lukewarm with the recent sharp falling market.
- The market remains Always In Short.
- The recent selling has been climactic and slightly oversold.
- Perhaps we may see a minor pullback towards the 20-day EMA or April 10 high area?
- Let's monitor the buying/selling pressure and if the bulls can create strong follow-through buying tomorrow.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.