Sadly it appears the bear party is likely over in /cl with back-toback daily closes above the previous high of the year set on January 2nd ($55.11).
As the May /cl contract has 4 days until expiry, Thursday's action surged up in the afternoon to complete an AB=CD pattern off the low for the year ($42.41). After price hit this, there was a nearly 100 tick sell-off in to the pit close.
Price is also re-testing a small wedge area from the second half of December (roughly $55.00-59.50).
We should expect more violent swings heading into contract expiry, with an initial pullback target of $50.00, which would be a 50% retracement off the 42.41 low.
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