View: CL_4Hour_Feb052015.jpg


4-hour WTI crude light futures chart as London heads off to lunch Thursday morning. 

Note the bullish engulfing candle from the 2nd half of Asian trading/Start of EU trading. 

Note that happened at the 61.8% fib retracement of the spike off low of bear move down (so far), and just above the trendline off Last Thursday's low. 

I would not be surprised to see price attempt to re-test $50 sometime during pit session today. 

If the bullish momentum holds, an AB=CD move takes price up to $58.02, and near the top of the prior balance area on the daily chart


UPDATE 2:33p.m. est Thursday, Feb. 5th 
So not only did we get back up to $50, we rose all the way up, and a little past, the 61.8% retracement of the drop off $54.24 to 52.10. 
Got to love a technical market 2/5/15