Crude Oil is at the same technical juncture as many Dollar correlated assets. It has been ranging since the start of the year with the Bears desperately trying to make headway to the downside but have been thwarted thus far by Crude Oil Bulls. A few temporary excursions below 44 have resulted in neck snapping whipsaws and currently the technical picture in Crude Oil has bullish undertones. The battle lines have been drawn and a break above 52.46 will see the top end of the range challenged and likely broken this time around as the Euro has completed a MegaOversold - MegaOverbought ROC reading. A multi month USD correction is likely underway. However, a break below 47.01 will likely see the bottom end of the range re-challenged. Longs are preferred in Crude Oil.
