Solid setup off trend lines and support especially considering that this comes post news gap retracement and post earnings report. Since the "sell the news and sell the earnings" haven't resulted in breakdown of longer term support I like the setup. I also like the trend line forming from the day before the news gap and current.
Lower trend line will act as...
WTI historical patterns support this potential move since this commodity tends to overshoot its highs and lows. The result is a more dramatic return to balance.
